Tristan forms JV with Acciona to develop Barcelona 22@ Offices for €100M

Tristan forms JV with Acciona to develop Barcelona 22@ Offices for €100M

The development site is located at Carrer Selva de Mar 125, in the north of Avinguda Diagonal. The complex will consist of four office buildings suited for both multiand single-tenant demand, with a total of 30,710 sqm. The assets will be built to Grade A specification and will target LEED Gold Certification. Construction works have been awarded to Acciona Construcción and started in August 2019 with delivery expected for Q4 2021.

Nikolay Velev, Executive Director, at Tristan Capital Partners, said: «22@ is a highly sought-after office location, attracting institutional-quality tenants and investors and over the next few years, we believe 22@ will further strengthen as a prime business district in Barcelona. The area north of Diagonal stands to benefit from various regeneration projects, including the construction of Sagrera train station, the conversion of Plaça de les Glòries Catalanes into an urban park and the street transformation of Pere IV and Cristóbal de Moura. Selva de Mar is one of the few projects currently under construction and we believe it will be well positioned to capture the growing tenant demand in 22@».

Andres Pan de Soraluice, CEO at Acciona Immobiliaria, said: «We are very excited to start a joint venture with Tristan Capital Partners for this 22@ development opportunity. Our local knowhow and unrivalled development expertise, together with an international investor experienced in office transactions across Europe, will undoubtedly lay a successful foundation for the project. We hope to be able to replicate this model across other markets and asset classes».

The joint venture was advised by Cushman & Wakefield, Savills Aguirre Newman and CVO Group. EPISO 5 was advised by Latham & Watkins and Acciona Inmobiliaria was advised by Cuatrecasas.

Press Released by Tristan Capital Partners

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