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CGD to pay €160M for new Expo HQ


Portugal’s public bank, and Chamber Member, Caixa Geral de Depósitos is to pay €160 million for its new headquarters at Parque das Nações.

The bank is closing the purchase of the WellBe building that had also attracted the interest of the Bank of Portugal.

It is said, according to ECO online news, that the bank led by Paulo Macedo is about to close the purchase deal for amounts between €160-€170 million and that the acquisition contract should be signed in November.

CGD is to leave its current premises by 2026 on Lisbon’s Avenida João XXI that was sold and raised over €300 million for the Portuguese government. The government has been relocating several ministries and administrative departments to the old building. The new building has currently been under construction since January this year, and will now be adapted to meet the needs of the bank.

The WellBe building was one of several projects from the Belgian developers Atenor and Besix Red. The premises are located on Avenida D. João II. The new building will have 11 storeys with the capacity for 3,200 employees and should be completed in 2025. It has a total area of 27,635 square metres and, in addition to the office space, will feature green spaces, 1,240 square metres of space for shops, 1,865 square metres for terraces, and a car park with 267 private spaces for bank staff and 129 spaces for the public and visitors. It will also have a bicycle park, shower facilities, a gym, and lockers for the staff. The bank is keeping stumm for now saying it had not made any final decision as to the future location for the bank’s new headquarters, and when the decision is made, it will share the information with stakeholders.

Text & Photos:
Essentoial Business