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AEB Sells Its HQ For €10M & Moves To Torrespacio

21 September 2016 – Expansión

The change in AEB’s headquarters represents the final milestone in the transformation and modernisation process that the banking association began a year ago.

The banking association AEB will move out of its traditional headquarters (two and a half floors in a property on the Madrilenian Calle Velázquez) to move, under a lease contract, to one of the floors in Torre Espacio. The skyscraper was constructed by the group OHL and was sold to the Philippine group Emperador at the end of last year. AEB will move at the end of this year or in January 2017.

The economic operation involves the sale of the property in which the headquarters of the banking association has been located since it was founded, for an amount that market sources estimate to be in the vicinity of €10 million. AEB occupies a surface area of 2,400 sqm in that building, therefore, the sales price will amount to around €4,200/sqm. The buyer is a mutual insurance company, whose name has not been revealed, and it will have to modernise the property before leasing it out given that, although it is in good condition, it does not meet the requirements of the new tenants.

In the new location, AEB will occupy most of the 30th floor of Torrespacio, one of the towers that comprises the most modern office complex in the north of Madrid. There, AEB will occupy a surface area of 1,000 sqm, which is significantly smaller that its current headquarters, because, amongst other reasons, the office there is going to be open-plan for all employees, with the exception of the Secretary General and the Chairman, José María Roldón. This move follows a wider trend (towards open-plan offices) in the sector, implemented by BBVA at its new headquarters and a format that Santander is also planning to adopt – it wants to extend the pilot scheme that it has been trialling in its compliance department until now across the whole of its Boadilla del Monte complex. The rest of the floor in Torrespacio, approximately one third of it, will be leased for other activities, completely unrelated to the sector. (…).

Original story: Expansión (by Salvador Arancibia)

Translation: Carmel Drake

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