7 March 2019 – Expansión
Catalana Occidente is looking to cut costs by merging some of its recent real estate purchases, without impacting the entity’s business model.
Last year, the insurance company acquired Chezsuccess, owner of the Luxa Business Park in Barcelona, home to the headquarters of Amazon and WeWork, for €90 million. That firm has subsequently been renamed GCO Activos Inmobiliarios.
Catalana Occidente also bought Legión Empresarial, owner of the WIP office building in Barcelona’s 22@ district, for €20 million.
Now it is merging its two subsidiaries, which means that all of the acquired assets will be grouped together in GCO Activos Inmobiliarios.
In total, the insurance group’s real estate assets were worth €1.4 billion at the end of 2018, accounting for 12% of its investment portfolio. Fixed income securities represented 59% (€6.6 billion) of the total and equities 11% (€1.3 billion).
Original story: Expansión (by E.d.P)
Translation: Carmel Drake