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 [email protected] 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
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