Spain's fund manager Proactiva Asset Management is investing EUR 160 mln in the acquisition and transformation of the Cacaolat site in Barcelona's city centre. The company, through its new special vehicle Proactiva BCN-La Marina, has bought the plant for an undisclosed amount and plans to convert it into a residential complex with 320 apartments. The property, which now serves as production site for Parmalat Espana, was bought from Spain's Ruiz Mateos family, according to newspaper Expansion.
Spain's fund manager Proactiva Asset Management is investing EUR 160 mln in the acquisition and transformation of the Cacaolat site in Barcelona's city centre. The company, through its new special vehicle Proactiva BCN-La Marina, has bought the plant for an undisclosed amount and plans to convert it into a residential complex with 320 apartments. The property, which now serves as production site for Parmalat Espana, was bought from Spain's Ruiz Mateos family, according to newspaper Expansion.
Last year the production facility, which is located in the Ciudad Condal district of Barcelona, was bought by the Spanish family's Nueva Rumasa investment vehicle from Italy's Parmalat. The Italian food group will occupy the 7,000 m2 site for at least another two years, after which the Proactiva fund will go ahead with its plan to develop some 30,000 m2 of apartments. Delivery is planned for 2012.
The Proactiva BCN-La Marina fund is invested by Castro Inversiones 1954, Dominio de Avellaneda, Valdepromo, Holding Hispano Holandés, Proactiva Kapital Fund I and Proactiva Asset Management.
Proactiva Asset Management was founded in 2005, and is headed by Miguel Hernández and Paul Wakefield.
