Bain Capital Sells Bancaja Habitat’s Former HQ

14 March 2017 – Expansión

Activity is continuing in the Valencian real estate market, although this time, the deal is more symbolic than significant. The headquarters of what used to be the largest real estate company and landowner in the Community of Valencia, Bancaja Hábitat, has a new owner. The US investment fund Bain Capital has sold the property located on Paseo de Alameda 7 in Valencia, which had been the operational headquarters of the former real estate subsidiary of the former savings bank.

Bain Capital took control of the commercial property, which has a surface area of 1,870 m2 spread over two floors, as part of a large batch of assets and debt that it acquired from Bankia in 2016. In turn, Altamira Asset Management had been entrusted to manage the property.

According to comments made by the real estate consultancy Inmoking, which participated in the operation as the marketer of the premises, the building has now been purchased by a Valencian investment group, whose identity has not been revealed. The new owner plans to look for a tenant for the premises, which are currently closed.

Catering and gastronomic businesses have proliferated in this area of La Alameda in recent years, which had been dominated by office buildings before the crisis. One example includes the recent opening of a Ginos restaurant by the Vips chain, on the ground floor of the La Pagoda building.

Original story: Expansión

Translation: Carmel Drake

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