After much deliberation, Barclays Bank decided that Edifício Palmela was the best option for its new headquarters. The building is a SIL Group property and used to be the main office of the weekly newspaper Expresso.

Barclays will lease the whole building, consisting of around 5, 000 m² of office space and 105 parking spaces. The agreement between the SIL Group and Barclays also includes refitting the inside of the building to the bank’s requirements. The SIL Group is both the owner and developer of the building and work has already begun. The project will be delivered to Barclays Bank at the turnkey stage. It is scheduled for completion in 2007.

The agreement between SIL and Barclays includes the purchase by the SIL Group of the bank’s current headquarters in the Avenida da República in Lisbon.