CatalunyaCaixa Inmobiliaria, the real estate arm of Spanish savings bank CatalunyaCaixa, is to invest EUR 42 mln in the development of an office tower in Barcelona which will serve as the headquarters for cosmetics and fashion company Puig.
CatalunyaCaixa Inmobiliaria, the real estate arm of Spanish savings bank CatalunyaCaixa, is to invest EUR 42 mln in the development of an office tower in Barcelona which will serve as the headquarters for cosmetics and fashion company Puig.
Puig has signed a seven-year lease for the 14,300 m2 building with a call option in the seventh year.
The building will be designed by Spanish architect Rafael Moneo and located in Plaça Europa, Barcelona's new business and commercial centre. Construction is scheduled to start next July with completion due in 2014.
CatalunyaCaixa Inmobiliaria said its main reason for investing in the project was that Puig is a 'triple A' tenant. Furthermore, a spokeswoman for the group said, 'with a mandatory seven-year contract, this operation allows CXI to add value to a plot of land in an area that will be strategic in the Barcelona office market.'
CatalunyaCaixa Inmobiliaria recently invested in 2,000 apartments in Barcelona and Madrid with a 40% pre-sell rate before the start of development.
CatalunyaCaixa was formed in July 2010 from the merger of Caixa Catalunya, Caixa Tarragona and Caixa Manresa, three institutions linked closely to their territories. At 31 December 2010, the group ranked fourth among Spanish savings banks in terms of assets, with total assets amounting to EUR 76.6 bn.
