Värde Partners sells office development in Barcelona for €128m

Värde Partners sells office development in Barcelona for €128m

Global alternative investment firm Värde Partners has agreed to sell One Parc Central office tower development in Barcelona to DWS for €128 million through Dospuntos Asset Management, its real estate company in Spain.

Located in the [email protected] 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.

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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.

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.

“The land purchase in late 2017 reflected our long-term conviction in the [email protected] 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,” said 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.”

Värde Partners said 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.