Ahorro Corporación Offers Its Headquarters to Funds

14/03/2014 – Expansion

Ahorro Corporación also wishes to benefit from the return of popularity of Spanish real estate assets among international funds. Financial branch of savings banks has put up for sale its premises located at 89 Paseo de la Castellana Street within the financial district of Madrid.

The transaction is still at the preliminary stage. Ahorro Corporación has obtained permission to sell the property and the decision had been driven by great interest of both national and foreign investors.

The fiancial group acquired the building in 2003 from Banco Zaragozano for €93.5 million. The sales price is still unknown, (…) however investors issued offers of between €120 million and €140 million. (…).

The building, constructed in 1977 and renovated in 2008, has got 14 floors, out of which 13 are offices and the ground floor is destined for commercial and entertainment use, occupied presently by restaurants like Lateral, Maki, Dionisios, Wogaboo and New York Burguer. Additionally, there is an underground parking with 520 spaces. In total, the whole building covers a 20.000 square meter area.

Moreover, the property is the premises of Sareb, an office of French optical chain Alain Afflelou and a department of Deloitte. Apart from the floors being refurbished, the entire building has got tenants. (…)

Ahorro Corporación will have to compete with other assets on sale, such as the 200 Castellana complex (…) or the credits embraced by the Octopus Operation.

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE