15 April 2015 – Expansión
Barcelona / SegurCaixa has acquired the ‘Torre Norte’, valued at €14.5 million, as part of the strategic alliance between the bank and the insurance company.
SegurCaixa Adeslas, owned by CaixaBank and controlled by Mutua Madrileña, has purchased the Torre Norte (one of the three Nissan Towers in Barcelona) from CaixaBank. The transaction was valued at €14.5 million.
The sale forms part of the insurance sector alliance between Mutua and CaixaBank. The agreement made resulted in the segregation of the business between VidaCaixa, a fully owned subsidiary of CaixaBank, and SegurCaixa Adeslas. The latter was granted the option to buy the building, which it has (now) decided to exercise.
Following this transaction, the employees of SegurCaixa will occupy the Torre Norte and those of VidaCaixa will be housed in the Torre Sur. Microbank, another subsidiary of CaixaBank will occupy the top floor of the Torre Centro.
Mutua Madrileña hereby adds another building to its growing list of properties, worth €1.2 billion, which generated unrealised gains of €357 million last year.
The flagship building of the company, chaired by Ignacio Garralda, is the Torre de Cristal in Madrid, which has an appraisal value of €504 million, and therefore accounted for 41% of the insurance company’s total property portfolio at the end of 2014. The unrealised gain on that property amounted to €59 million. Then, the building located on Paseo de la Castellana, 33 in Madrid, where Mutua has its headquarters, is the second largest in the company’s portfolio by value. It has an appraisal value of €115 million, compared with a book value of €69.8 million.
The third building in the ranking is the Alfredo Mahou property in Madrid, which has a market value of €104 million and a book value of €29 million, i.e. has unrealised gains of €75 million.
Last year, Mutua Madrileña completed the investment plan it launched in 2008, which sought to modernise its properties to “convert them into flagship properties in the market. Through this, we created the distinctive Mutua Building”, explains the company in its annual accounts for 2014. The company also sought to reduce operating expenses (through this plan) to increase the appeal (of its properties) to clients.
The leased buildings generated revenues of €32.8 million for Mutua in 2014 and the company made investments amounting to €13.6 million during the year. Its occupancy rate last year was 90%, up from 88% in 2013.
Real estate investments accounted for 20% of the company’s total investments during the year, which had a market value of €6,654 million.
Original story: Expansión (by E. del Pozo)
Translation: Carmel Drake