OK Properties acquires Tui's headquarters in Palma

OK Properties acquires Tui's headquarters in Palma

OK Properties Socimi, the asset management vehicle of Othman Ktiri, founder of the car rental company OK Mobility, has acquired the office building that currently houses the headquarters of the tourism company TUI in Spain.

The property, located in Palma's Parc Bit, has a built-up area of 3,586 square metres. The transaction, the price of which has not been disclosed, has been financed 60% with own funds and 40% through a line of financing with Abanca.

According to EjePrime the price of office assets in Parc Bit is currently around 2,000 euros per square metre, so the OK Properties transaction could be worth more than seven million euros.

The asset, built in 2009, is distributed over three floors and also has an underground car park with eighteen parking spaces. Since 2016, it has been home to the Spanish headquarters of TUI, one of the world's leading tourism groups, which will continue to occupy the property.

Located less than seven kilometres from the centre of the Balearic capital and just one kilometre from the University of the Balearic Islands (UIB), Parc Bit is the technological business park that houses the main companies in the sector in the Balearic Islands. In addition to excellent connectivity via public transport, the park offers more than 1,200 free parking spaces and a total of twelve electric vehicle charging points.

"We are pleased to add to our portfolio this modern property located in a privileged enclave such as Parc Bit; the building, leased by the prestigious tourism company TUI as its national headquarters in Spain, offers great versatility adapted to new work trends, providing comfort and connectivity to its team," said the CEO of the investment company, Othman Ktiri.

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