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Axa Pays €107 Mn For Torre Telefónica Skyscraper in Barcelona

1/07/2014 – Expansion

French insurance firm Axa continues its shopping in Barcelona: yesterday, it aquired the Torre Telefónica building for €107 million. This happens exactly a year after the company purchased 13 office buildings from the local Government (the Generalitat) for €172 million.

The tower belonged  to the Barcelona Free Zone Consortium (CZFB) that put the property up for sale a month ago at an asking price of €98 million. The building is currently leased to Telefónica, holding a contract valid until 2060.

The 24-storey, 34.000 square meter tower inaugurated in 2011 is also known as the “Diagonal 00”. This iconic, 110 meter high edifice has been designed by Enric Massip-Bosch and it additionally disposes of 8.600 square meters below the ground level.

The Consortium asked the bidders for a 25% guarantee that provoked many of them to sumbit their final offer. Eventually, only two investors came up with this kind of proposal: Ibrahim Hassan Al Asmakh from advisory firm DTZ who offered €100 million, Axa and the third bidder, Antenor Group which was ruled out due to not having met the information requirements.

The CZFB is going to destine the amount preceding from the sale for reducing its indebtness and improving the industrial area of the Free Zone, as well as raising a new residential housing development in the La Marina del Prat Vermell neighbourhood in the Catalonian capital.


Original article: Expansión (by M. A. & R. R.)

Translation: AURA REE