Tristan fund forms JV with Acciona to develop Barcelona 22@ offices for €100m

Tristan Capital Partners' Episo 5 opportunity fund has announced that it is partnering with Spanish firm Acciona Inmobiliaria to speculatively develop 31,000 m2 of Grade A offices in Barcelona’s 22@ district for a total investment exceeding €100 mln.

The development site is located at Carrer Selva de Mar 125, in the north of Avinguda Diagonal, with a metro station within a short walk. The complex will consist of four office buildings suited for both multi-and single-tenant demand, with a total of 30,710 m2 . 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.

Established in the early 2000s, 22@ forms part of one of Europe's biggest urban regeneration schemes. Over the past 20 years, the old industrial area of Poblenou in the east of Barcelona has been transformed into the city’s innovation district and its success has inspired similar projects around the world. Today, the area is home to well-known companies such as Amazon, Facebook, Oracle, Vodafone and SAP, among many others.

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. 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.

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