Catalonia Said to Expect €150 Mn From Sale of Three Buildings

14/10/2014 – Bloomberg

According to sources with knowledge of the plans, the local government of Catalonia will ask €150 million for three first-class buildings it is going to put up for sale next week, with view to closing the sale-leaseback deals still this year.

Two of the properties are situated on famous Paseo de Gracia street in Barcelona. First, having 11.700 square meters, houses the bourse of Barcelona. A second unit has 10.000 square meters, while a third, 11.500 square meters. The last building stands on the Calle Sepulveda street.

Since 2012, Catalonian authorities earned over €532 million from the sale of 34 properties in Barcelona.

In 2013, an amount of €4.93 billion was spent on commercial real estate in Spain, doubling the 2012 volume of €2.32 billion.

One of the year´s most significant deals was conducted by insurance company Axa’s property manager that acquired 13 buildings from the Catalonian government for joint €172 million. The company obtained a net yield of 9.5%. Furthermore, the same authority body sold a portfolio of 13 commercial properties to another insurer, Zurich, for €201 million earlier in July.

 

Original article: Bloomberg (by Sharon Smyth)

Summary: AURA REE

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