Värde Partners agrees EUR128m sale of Barcelona office tower to DWS
Värde Partners, a leading global alternative investment firm, has agreed the forward sale of its One Parc Central office development in Barcelona to DWS for EUR128 million.
The sale was agreed through Dospuntos Asset Management, a Värde-controlled real estate company in Spain, formed in December 2017 following its carve-out from the residential developer Vía Célere.
Located in the 22@ region in Barcelona, the 23,500 square meter office tower forms part of the city’s major urban transformation project which seeks to establish a new technology and innovation hub in the former industrial area of Poblenou. Construction began in the third quarter of 2019 and is expected to be completed in the third quarter of 2022.
“The land purchase in late 2017 reflected our long-term conviction in the 22@ region and Barcelona’s strength as a destination for international business, in a market that continues to show fast absorption of high-quality office space,” says Héctor Serrat, Managing Director at Värde. “We have a long history of investing in Spanish real estate across different sectors, and remain focused on opportunities to develop and manage assets where we can seek to create and unlock value for our investors.”
Dospuntos Asset Management initially acquired the land in October 2017, before securing planning and licensing approvals for a total of 53,000 buildable square meters, including office, student housing and residential uses.
One Parc Central will be 14 stories high with 2,158 square meters of terraces, with a view of the Parc Central de Poblenou and Avenida Diagonal. It will have three underground floors, with 154 parking spaces for cars, 133 spaces for motorcycles and 122 for bicycles.
Construction of a second office tower next to One Parc Central will begin imminently and ultimately include a gross lettable area of 23,000 square meters and 190 parking spaces. Dospuntos Asset Management owns additional land in the Parc Central area, where a 7,000 square meter student housing project and a 2,500 square meter residential block will be developed.
Alfredo Laffitte, Director General of Dospuntos Asset Management, says: “The One Parc Central construction is at the forefront of a major transformation in the 22@ area, and we’re pleased the development’s ESG features have been recognized with LEED Gold and WELL Silver ratings. The purchase by DWS demonstrates the attractiveness of the project as we begin construction of the second office tower.”