BBVA Puts its Former HQ in Bilbao Up For Sale Again, For €100M

13 April 2018 – Eje Prime

BBVA wants to divest one of its last assets in Bilbao, the city where the bank was founded. The financial institution has put on the market the office block that it owns on Gran Vía, in the centre of the financial capital of Euskadi, after several unsuccessful attempts (to sell it in the past). The skyscraper has been displaying the “for sale” sign since March and has been valued at more than €100 million.

The bank chaired by  Francisco González is thereby seeking to get rid of an asset that has more than fifty years of history and that was, until the construction of Torre Iberdrola, inaugurated in 2012, the tallest building in Bilbao, standing 88 metres tall.

The Spanish company hopes to sell the asset, which comprises 21 storeys, during the first half of this year. One of the main features of the building is the mega-store that Primark is planning to open on the first six floors of the skyscraper, according to El Economista.

This rental contract is significant for the operation, given that the fashion retail franchise has signed a contract to lease space in the property for the next thirty years. This agreement means that the future owner is guaranteed of having at least 10,000 m2 of the surface area occupied under a long-term lease contract.

The total constructed surface area of the building amounts to 23,935 m2 and, given that it is located on one of the most central and busiest streets in the city, it may be of interest to both the office and hotel sectors.

There is no doubt that what was once the headquarters of the Spanish bank is going to need a major overhaul. This factor could further define the profile of investor that may be interested in acquiring a tower that for half a century has been considered one of the jewels in the crown of Bilbao’s real estate.

Original story: Eje Prime

Translation: Carmel Drake