CGD buys WellBe building in Parque. das Nações

 In Acquisitions, Banks, News, Real Estate

Portuguese State-owned bank Caixa Geral de Depósitos announced on Monday that it had formally completed the acquisition of the WellBe building in the city’s Parque das Nações district that will be its new headquarters.

The asset will become the bank’s new headquarters in 2026 after refurbishment works are completed. The change in premises process began in 2020 with the search for offices suitable for 2,500 staff members who worked at the bank’s central services at the Caixa Geral building located on Avenida João XXI.
The acquisition deal for the new building on Avenida Dom João II, is said to be for a value between €160 and €170 million.
The bank is leaving its current site after an agreement with the government which will concentrate several key ministerial departments in the building.
WellBe was one of a number of projects from Belgian developers Atenor, and Besix Red in Portugal. The adaptation works on the new CGD building, which has 11 floors and a capacity for 3,200 staff, should be completed in 2025.