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DWS forward funds Varde’s €128m Barcelona 22@ project

Alternative investment firm Värde Partners has agreed the forward sale of the One Parc Central office development in Barcelona to DWS for €128 million. 

The 23,500 sq m office tower is located in the 22@ region in Barcelona and is part of the city’s urban transformation project which is endeavouring to establish a new technology and innovation hub in the former industrial area of Poblenou.

One Parc Central will be 14 storeys high with 2,158 sq m of terraces. It will have three underground floors, with 154 parking spaces for cars, 133 spaces for motorcycles and 122 for bicycles. 

Construction, which began in the third quarter of 2019, 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,” said Héctor Serrat, Managing Director at Värde.

The sale was agreed through Dospuntos Asset Management, a Värde-controlled real estate company in Spain, formed in December 2017 following its demerger from the residential developer Vía Célere. 

Construction start on second tower imminent

Dospuntos Asset Management acquired the land in October 2017, before securing planning and licensing approvals for 53,000 sq m of built space, to include offices, student housing and residential uses. 

Construction of a 23,000 sq m second office tower next to One Parc Central is imminent. Dospuntos Asset Management owns additional land in the Parc Central area, where a 7,000 square meter student housing project and a 2,500 sq m residential block will be developed.

“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 recognised 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,” Dospuntos Asset Management director general Alfredo Laffitte said.