The Puigs Acquire a Lot From Catalunya Banc

4/12/2014 – El Confidencial

The Puig family purchased a plot located at 34 Plaza Europa  square in L’Hospitalet de Llobregat from Catalunya Banc. The piece of land is situated just in front of brand-new Torre Piug skyscraper opened last April. The 14.300-square-meter tower (pictured) designed by Rafael Moneo also belongs to Catalunya Banc which lets it to the Puigs under a lease-to-buy contract signed for seven years.

The lot has got a 14.000 square meter maximum building coverage. The family bought it with view to a future expansion of its headquarters. Sources from the sector imply the deal might have involved a €12 million amount.

Perfumery chain denied having acquired the lot but the purchaser was Corporación Exea, its 100%-held family holding. The investee was established when one of the children of Mariano Puig, Marc, accepted the office of the groups’ chairman. Management of Corporación Exea rests in hands of Banco Sabadell’s president, Josep Oliu.

The industry hums the Puigs imitate Amancio Ortega (Inditex) and Isak Andic (Mango) in investing in real estate assets for rent.

The Puig group reviewed the portfolio with all properties in its possession. For example, it hanged a ‘for rent’ sign on original premises of Antonio Puig at 9 Travessera de Gracia street in Barcelona, occupying a 4.000 square meter floor area. Also, the family has put up for sale the old Myrurgia factory, also 4.000 square meters, on the Mallorca street with an asking price set at €14 million.

Original story: El Confidencial (by Marcos Lamelas)

Translation: AURA REE

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