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CaixaBank Considers Selling Torre Sevilla Following its Opening

4 October 2018 – Eje Prime

CaixaBank is considering divesting Torre Sevilla. The financial institution is working on the sale of the mixed-used complex a week after the opening of its shopping centre. The bank, which is whereby pushing ahead with the divestment of its real estate assets, will assess offers upwards of €265 million.

Torre Sevilla has a surface area of 77,000 m2 spread over 37 floors for offices and a shopping centre. Although sources at CaixaBank confirm that the sale of the complex has not been initiated, they acknowledge that it is a “non-strategic” asset and that some funds are interested in acquiring it, according to reports from El Confidencial.

If the sale goes ahead, it would be the largest operation in the south of Spain in recent years by type of asset and asking price. The financial institution would retain ownership of the Caixaforum only, which is located on the lower levels of the shopping centre and which officially opened in 2018.

CaixaBank has injected a total of €110 million into the complex over the last six years, bringing the total cost to €320 million. The skyscraper was inaugurated in 2016 and the shopping centre was opened last week. Currently, tenants of the building include the Sevilla Chamber of Commerce, Deloitte, the technological firms Chakray, Everis, Active Business&Technology and Optima, and also Hotusa, which occupies 17 floors of the property with a hotel. The Catalan bank also has several subsidiaries and services on a number of floors.

Original story: Eje Prime 

Translation: Carmel Drake