5 August 2019
Blackstone is currently in negotiations to buy the Tarragona Tower from UBS for between 100 and 110 million euros. UBS Global Asset Management acquired the tower in 2015 for €72 million from Omega Capital, subsequently investing another €10-million in renovations. The expected sales price would result in a capital gain of roughly 25% for the Swiss bank. Both firms declined to comment.
The tower, located next to the Sants railway station in Barcelona in a highly sought-after area, opened in 1998. The asset has 18,150 m2 of surface area spread over 19 floors and 250 parking spaces. The main tenants include Pepsico, Acens (a subsidiary of Telefónica), Quercus and Gentec.
Original Story: Cinco Dias – Alfonso Simón Ruiz
Adaptation/Translation: Richard D. K. Turner