In 2013, Northwood acquired Diagonal Mar, 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. At the time of Northwood’s ownership, the property was the second-largest shopping center in Barcelona. Situated on a prime freehold site three 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).
Investment Period: October 2013 – August 2016
