Corestate Capital is developing a multi-use tower in Madrid.
The Switzerland-based investment manager said it was investing in the Cuatro Torres scheme.
The company’s Iberian Corestate Capital division, a joint venture with Madrid developer Promociones Y Propiedades Inmobiliarias Espacio, will manage the asset’s development and leasing.
The scheme, on a 67,000sqm plot, allows for a 33,500sqm footprint, with a maximum buildable area of 70,000sqm.
Around 52,500sqm of space will be for public use, which could include a hospital, a university or administration.
The remaining 17,500sqm will be used for a retail concept.
Sascha Wilhelm, Iberian Corestate Capital board member, said the five towers would contribute to the long-term Castellana Norte Urban Development Project, with the towers representing the gateway to Madrid’s the business district.
The company agreed a joint venture with Inmobiliaria Espacio to invest in Spain’s residential and commercial real estate sectors in February this year.
Madrid-based Inmobiliaria Espacio, a project development and asset management firm, was joined by its sister company, OHL Desarrollos.