Värde Partners sells office building for €128M to DWS

Värde Partners sells office building for €128M to DWS

Värde Partners reached an agreement with DWS for the key-in-hand sale of office development One Parc Central in Barcelona for 128 million euro. The agreement was reached through Dospuntos Asset Management, Spanish real estate and asset management company controlled by Värde.

Located at district 22@ in Barcelona, the 23.500 sqm building is part of the city’s urban renewal project, which seeks to establish a new tech and innovation centre in the old Poblenau industrial area. Construction started during the third quarter of 2019 and is expected to be finished by mid-2022.

«The purchase of the terrain at the end of 2017 reflected our conviction on the long-term for district 22@ and on the strength of Barcelona as a destination for international business, a market which keeps showing solid fundamentals and a remarkable high quality office absorption», highlighted Héctor Serrat, Managing director at Värde.

«We have a long history of investing in the Spanish real estate market on different types of assets and we remain focused on developments and asset management opportunities, with which to create value for our investors», he added.

Dospuntos Asset Management initially acquired the terrains in October 2017, before completing its urban management and obtaining the construction licenses required on a 53.000 sqm buildable area to construct offices, housing and student residences.

One Parc Central will have 14 floors and 2.158 sqm of terraces, with views over Poblenou’s Parc Central and Avenida Diagonal. It will also feature three underground floors where 154 parking spots for cars, 133 for motorbikes and 122 for bicycles will be installed.

The construction of a second office building next to this development will start imminently and will include a 23.000 sqm GLA and 190 parking spots.

«The construction of One Parc Central will be at the forefront of a great transformation within district 22@, and we congratulate ourselves that our project’s commitment towards ESG’s sustainability criteria was recognised with the LEE Gold and WELL Silver certifications», pointed out Alfredo Laffitte, Dospuntos Asset Management’s managing director.

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