BBVA Sells Portfolio Of 14 Office Buildings With GBV Of €300M

17 March 2017 – Expansión

BBVA has sold a portfolio of 14 office buildings located in Cataluña, Madrid and the Community of Valencia, whose gross book value exceeds €300 million.

Given the confidential nature of the agreement, the entity has not revealed the sales price for the operation, although it did indicate that the impact of the transaction on the group’s results for 2016 had been “marginal”. The assets cover a combined gross leasable area of 116,000 m2, spread over office properties with individual surface areas of between 1,000 m2 and 24,000 m2. They are located in Cataluña (8), Madrid (5) and the Community of Valencia (1). The operation was closed following a “competitive” sales process in which numerous wholesale investors and real estate firms participated.

This is the second portfolio sale that BBVA has completed so far this year, following the divestment of 3,500 properties (Project Buffalo), which was announced last month. “We are fulfilling the road map we set out and we will continue to close operations of this kind,” said the Director of Strategy and M&A, Javier Rodríguez Soler. In addition to Projects Buffalo and Boston, BBVA also recently participated in the non-monetary capital increase of Testa Residencial.

Original story: Expansión

Translated by: Carmel Drake

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