DWS’s €128 Million Acquisition of an Office Tower in the @22 District of Barcelona

Garrigues advised Dospuntos Asset Management on the deal.

Värde Partners, a leading global alternative investment firm, through Dospuntos Asset Management, completed the sale of its One Parc Central office development in Barcelona to DWS for €128 million.

Located in the @22 district 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.

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.

Dospuntos Asset Management is a Värde-controlled real estate company in Spain, formed in December 2017 following its carve-out from the residential developer Vía Célere.

Garrigues advised Dospuntos Asset Management with a Barcelona office team formed by Real Estate partner Juan José Berdullas (Picture), Commercial/Real Estate partner Jaime Olazábal and associate Elisabet Terradellas.

Involved fees earner: Juan José Berdullas Pomares – Garrigues; Jaime Olazábal Arzúa – Garrigues; Elisabet Terradellas Serra – Garrigues;

Law Firms: Garrigues;

Clients: Dospuntos Asset Management;

Author: Federica Tiefenthaler