Bankia Sells 500m2 Gran Vía Branch For €20M

5 January 2016 – El Economista

Bankia has recorded income of more than €20 million from the sale of its branch located at number 44 on the Madrilenian street of Gran Vía, which represents a property valuation of €38,779/m2, according to real estate sources.

The sources say that the price obtained in this operation was due to “the property’s excellent location” – it is situated on one of the capital’s main shopping streets and there is a “shortage” of supply in the area.

The branch has a surface area of just over 500 m2, spread over the ground floor (325 m2), basement (167 m2) and other service areas (25 m2).

In order to maximise the transaction price, the bank has conducted a competitive process over the last few months, in which eleven investors have participated. The deal was signed in December.

Original story: El Economista

Translation: Carmel Drake