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Blackstone Finalises the Purchase of Torre Tarragona from UBS

5 June 2019 – Cinco Días

The US fund Blackstone is negotiating the purchase of Torre Tarragona in Barcelona from UBS, according to several sources in the sector. The deal looks set to become the third major operation in the city’s office market this year after Naturgy sold its headquarters to Colonial and Telefónica sold its Diagonal 00 property to Emperador.

UBS Global Asset Management acquired Torre Tarragona in 2015 for €72 million from Omega Capital, the family office owed by Alicia Koplowitz. Now, having invested €10 million in a comprehensive renovation, the Swiss bank is hoping to sell the property for between €100 million and €110 million.

Torre Tarragona is located close to the Sants train station in the Catalan capital and spans a surface area of 18,150m2 spread over 19 floors. It has 250 parking spaces and its main tenant is Pepsico, together with other companies, such as the technological firm Acens (a subsidiary of Telefónica), Quercus and the laboratory Gentic.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake