Transaction / Assets Seller Buyer € MM
BBVA Finalises Sale Of Torre Puig To Grupo Puig
22 May 2017 – BBVA
BBVA has finalised the sale of Torre Puig to Grupo Puig, one of the largest real estate operations in Barcelona. The sales prices is reportedly in line with pre-crisis levels.
The property is a tower located in Hospitalet de Llobregat, one of the largest real estate expansion areas. The building has 21 floors and covers a surface area of 14,300 m2. The Grupo Puig has occupied the property to date.
The building was constructed by the former Catalunya Caixa (CX) for the perfume group Puig. The building was designed by architect Rafael Monea and GCA Arquitectos. The headquarters was completed three years ago, coinciding with BBVA’s purchase of CX.
BBVA’s real estate strategy
The sale of these types of portfolios is one of the channels established by the bank to reduce its real estate exposure, a strategic objective for BBVA’s Strategy and M&A area. In line with this strategy, in March, BBVA completed its second sale of a wholesale portfolio in 2017 (Project Boston), following the divestment of 3,400 properties (Project Buffalo) in February.
Original story: BBVA
Translation: Carmel Drake