EPISO 5, a European property opportunity fund managed by Tristan Capital Partners, has teamed up with the real estate arm of Spanish conglomerate Acciona to develop a €100m offices project in Spain.
Tristan said EPISO 5 has formed a joint venture with Acciona Inmobiliaria for the ”speculative development” of 31,000sqm office accommodation in Barcelona’s 22@ urban regeneration scheme.
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 multi-and single-tenant demand.
Construction works started in August 2019 with delivery expected in the fourth quarter of 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.”
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 know-how 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.”