Banco Sabadell Puts Edificio Planeta Up for Sale for €200m

11 June 2018 – Eje Prime

Banco Sabadell does not want Edificio Planeta on its balance sheet. The Spanish bank has placed the asset located in the centre of Barcelona up for sale for a minimum asking price of €200 million. The entity wants to divest the property before the summer.

At a time of immense interest in the office market from international funds, and given the area in which the property is located, a financial centre with very little available stock, Sabadell is not expected to have much trouble finding investors interested in its asset.

The building, located at 662-664 Avenida Diagonal, has an overground surface area of 26,500 m2 spread over nine floors. Moreover, the tenants have access to 350 parking spaces, according to El Confidencial.

Sabadell took over the ownership of the building in May after the Lara family, owner of the editorial group of the same name, handed it over to the financial institution through its family office, Inversiones Hemisferio, which liquidated a loan from the bank through this operation with which it purchased shares in the bank.

Constructed in 1979, at a cost of €100 million for Banco Industrial de Catalunya, the modernist building, designed by the architects Tous and Fargas, used to be owned by Planeta until 2001.

Prior to its transfer to Sabadell, on 31 May, the property lost the multinational publicity company McCann as its tenant; that firm moved to a renovated building in the most sought-after business centre of the Catalan capital, the 22@ district, as revealed by Eje Prime.

Original story: Eje Prime 

Translation: Carmel Drake

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