Diagonal Mar, Barcelona, Spain (Realized)

PROPERTY DESCRIPTION

Diagonal Mar is a 942,000 square foot, trophy urban shopping center in Barcelona, Spain. The property was originally developed by Hines in 2001 in partnership with European shopping center expert Jean-Louis Solal and architect Robert A.M. Stern. The property is the second-largest shopping center in Barcelona and is situated on a prime freehold site located 3 miles north-east of Barcelona’s city center. The center overlooks the Mediterranean and includes a 54,000 square foot elevated terrace with views of the sea. It is part of the greater Diagonal Mar development which is located in the 22@ district in Barcelona, a former industrial area that was regenerated in 2000 and currently totals 3.7 million square feet comprising five residential towers, three office buildings, three hotels, a convention center and the public Diagonal Mar park (the third-largest park in Barcelona made up of 41 acres). The shopping center consists of 190 retail units over three floors. The first floor offers a mixture of fashion, children’s fashion, sportswear and household and electronic goods, the second floor is devoted to fashion and accessories, and the third floor offers various food, services and entertainment outlets, including an 18 screen cinema. The property is currently 98% leased and anchored by Media Markt (consumer electronics), Fnac (cultural and electronic products), Primark (clothing), Zara (clothing), H&M (clothing) and Cinesa (Spanish cinema chain). Footfall at the center in 2013 was approximately 16 million.

INVESTMENT PERIOD

October 2013 - August 2016