UBS Negotiating Sale of Barcelona’s Torre Tarragona to Blackstone

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

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

Koplowitz Finalises Sale Of Torre Tarragona To UBS For €80M

22 July 2015 – El Confidencial

Alicia Koplowitz, through her investment vehicle Omega Capital is finalising the sale of the iconic office building Torre Tarragona in Barcelona to UBS. According to sources consulted by El Confidencial, the Swiss investment bank is willing to pay €80 million for the property. Omega Capital acquired 50% of the tower three years ago and last year bought the remaining 50%.

According to the same sources, the transaction forms part of Omega Capital’s strategy to rotate assets that have generated significant yields and that have limited upwards potential left.

The building, designed by the architect Josep María Fargas and opened in 1998, has a surface area covering more than 27,000 m2 spread over 19 floors. It is located just five minutes from the Sants railway station – on Calle Tarragona, number 161 – in an important business area of the Cataluñan capital. It is located in the middle of the city, rather than in Barcelona’s decentralised business area, which has accounted for almost 50% of investment volumes this year given the scarcity of supply in the Business District, according to a recent report by Aguirre Newman. According to data published by the consultancy firm, the initial yield rate in Barcelona has ranged between 4.5%and 5.0% for the best assets. (…).

This represents UBS’s second transaction in Barcelona in a fortnight. Recently, a fund managed by the Swiss group purchased the Cornerstone office complex, in the 22@ district of Barcelona, for €80 million. That asset was owned by the British fund Benson Elliot and is located in Poblenou, one of the city’s new business districts.

Meanwhile, Omega Capital is divesting certain other real estate assets. The most talked about sale was undoubtedly the one that involved the Ritz Hotel in Madrid to the Arabian group Olayan for €130 million. Omega Capital and Orient-Express purchased the Ritz from the company Meridian in April 2003 for €125 million. (…).

Original story: El Confidencial (by Elena Sanz and Marcos Lamelas)

Translation: Carmel Drake