• Transaction / Assets
    Office buliding on Gran Vía (Bilbao)
  • Seller
    Banco Santander
  • Buyer
  • € MM

Banco Santander Sells Office Building in Bilbao to M&G for €50M

23 April 2018 – Mis Oficinas

Banco Santander is continuing with its divestment strategy and, to that end, has reached an agreement with the British fund M&G to sell one of its buildings located in Bilbao, for which it expects to receive €50 million.

Santander has undertaken several divestments in recent years. To tackle the crisis, it sold ten buildings for around €418 million and, in 2008, it carved out other important properties in Boadilla del Monte, in the Community of Madrid, for €1.9 billion.

It is currently holding negotiations regarding the sale of a building that is located on Bilbao’s central Gran Vía for around €50 million. The property spans 4,967 m2 and houses some of Santander’s subsidiaries.

The British fund M&G already owns the Nao building in Barcelona, which it purchased from Axa for €30 million. That property spans 9,000 m2 and is home to the headquarters of Servei d´ Ocupacio de Cataluya. Now, the fund has set its sights on Bilbao where real estate operations are on a roll; BBVA has also got caught up in the fever and is holding negotiations for the sale of its office tower, also located in Gran Vía.

Original story: Mis Oficinas

Translation: Carmel Drake