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Linea Directa (Bankinter) Acquires a Building From Madrid´s Community For €40 Mn

23/07/2014 – El Confidencial

The Community of Madrid has just closed the sale of a 12.000 square meter property hosting the General Council of Financial Politics, Treasury and Patrimony, a division of the Treasury and Economy Council, situated at 8 Plaza Chamberi square in the capital.

Linea Directa Activos, an arm of insurer Linea Directa owned by Bankinter, has submitted the highest bid of €40. 226.000. The amount positions as the most impressive one since the local authority´s decision to shed a part of its property portfolio. To contrast, at the end of 2013, a building at 18 Gran Via street was sold for €18.6 million.

The first bidding round for the 10-floor office building (subject to today´s transaction) located in the Almargo neighborhood and adjacently to the Paseo de la Castellana street organized in December was unattended, as the authority admitted, due to an elevated price established at €42 million.

The Community of Madrid is going to rent the property for the next 10 years. In addition, the building disposes of a nearly 4.500 square meter basement and 177 parking spaces. Apart from a 5.64% return, the unit offers to Linea Directa various classes of use: office, hotel, administrative, healthcare and nursery, cultural, entertainment / recreation and residential.

 

Original article: El Confidencial (by Elena Sanz)

Translation: AURA REE