Head Offices of Banco Popular about to change ownership

The head Office building of Banco Popular in Barcelona is about to change ownership, in what promises to be one of the biggest real estate investment deals since the beginning of the year in the Catalan capital.

Situated at nº11 do Paseo de Gracia, next to the Barcelona Stock Exchange, the building was put up for sale some months ago sparking much interest since then among potential buyers. According to various market sources, the North American company Hines will emerge the winner in the process, which involved several of the leading players, and the purchase agreement with the present owner should be signed within the next few days, at a value of approximately 80 million euros.

The Spanish Real Estate website further states that Hines’ objective is to convert the present bank into a building fundamentally commercial. Its location next to the Gran Via and right in the Paseo de Gracia makes it very appealing fir a flagship megastore of a fashion chain. H&M, in this respect, Zara or Uniqlo are just some of the chains which recently opened very large stores in this area of Barcelona.