CGD will pay160 million for a new main office at Expo..

Kaisha Geral de Depositus plans to pay 160 million euros for a new headquarters in the Park das Nações area.

The state bank is close to finalizing a deal to purchase the WellBe building, which will become the new headquarters of the institution.

The purchase agreement will be signed in November.

The Bank of Portugal also showed interest.

The Bank of Portugal and Caixa Geral de Depósitos were competing for the same office building in Lisbon, WellBe, to relocate their headquarters.

It was the state bank that won this race.

It is known that the bank, under the leadership of Paulo Macedo, is ready to finalize a deal to purchase WellBe for amounts likely ranging from 160 to 170 million euros, and the preliminary purchase and sale agreement is expected to be signed in November.

The Park das Nações is likely to become the most probable location for the Caixa Geral de Depósitos when it leaves the building on João XXI Street, which is expected to happen by 2026, so that the government can occupy that building.

According to ECO, negotiations are already underway to adapt this building, the construction of which began in January of this year, to meet the needs of the bank.

WellBe is one of several projects by Belgian developers Atenor and Besix Red in Portugal, and it is located on Avenida D. João II.

The construction of a building that will consist of 11 floors and accommodate 3,200 employees is expected to be completed by 2025.

The total area is 27,635 square meters.

In response to ECO's questions, representatives of Kaisha Gerald de Depositus stated that "they have not made a final decision regarding the future location of the new headquarters" and that "the decision, when made, will be made public."

It is also known that the Bank of Portugal has shown interest in the WellBe building, according to information gathered by ECO.

The regulator has been looking for a solution for the placement of employees who are currently located on Castillo Street and Almirante Reis Avenue for several months.

Since WellBe is being excluded from the options, the regulator is considering other scenarios, with the decision on Bern Avenue being the least likely.

According to ECO, this would be the most expensive and lengthy option, considering that the land on Bern Avenue is occupied by the Faculty of Social and Human Sciences of Nova University, as well as the Curry Cabral Hospital.

There are several options on the table right now.

One of them is a plot of land purchased by the Bank of Portugal in 2018 for 42 million euros, located near Quinta de Bensaúde, at the intersection of Avenida Lusíada and Rua Luz.

Another option could be related to a different building in the Parque das Nações.

For two years now, the building on Almirante Reis Avenue has been at risk of concrete collapse, and since then it has been surrounded by scaffolding, as reported by Público in 2021.

And in August, Expresso reported that, according to the Base portal, the regulator hired "consultants for the structural diagnosis of the building in Portugal, located in Lisbon," but the reconstruction will cost several million.

The regulator will also have an account for 934 thousand euros, plus VAT, for the maintenance of the building on Castillo Street.

The Bank of Portugal responded to ECO only that "the decision on the new building of the Bank of Portugal is still under review," refusing to comment on the interest in the WellBe building.

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