Mitsubishi Estate London and Europa Capital plan to invest €40m in the development of a new 125,000sqft office building in Barcelona, Spain.

The duo have acquired a 0.8-acre development site on Carrer de Cristóbal de Moura in central Barcelona from a private seller for an undisclosed sum.

Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, said: “Barcelona is an established and growing business location, and we have long been interested in investing and developing in a city that holds great potential.

“By partnering with Europa Capital, we can draw on its considerable development expertise, and position ourselves for similar projects in major centres.”

The latest project builds on the existing relationship between the two companies.

Mitsubishi Estate is Europa Capital’s principal shareholder and the two companies are currently assembling a portfolio of commercial development properties in Europe through a separate vehicle.