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EspañaDuero Finalises Sale of its Madrid HQ

19 December 2017 – El Economista

Over the next few weeks, EspañaDuero will close the sale of its headquarters in Madrid, located on Calle Titán 8, according to confirmation from various sources in the sector, who say that the entity is holding advanced, exclusive negotiations with an investor.

The entity, which is soon going to be completely integrated into Unicaja Banco, declined to comment about the operation. However, this sale is reminiscent of the divestment strategy that the entity has been carrying out in recent years.

The office block that is about to be sold is located in the Méndez Álvaro area of the Spanish capital, overlooking the M-30 ring road. It also houses the offices of Enagás and Nozar, the former owner of the property. In this way, Caja Duero acquired the building for €55.8 million in 2008, a price that is €9 million higher than its current valuation.

At the end of 2011, following the merger of the entity with Caja España, which resulted in the creation of the current EspañaDuero, the combined company moved its offices to Caja Duero’s headquarters in Madrid, on Calle Marqués de Villamagna, 6.

In 2015, the company began a period of office restructuring, which led it to sell one of its real estate jewels: the former headquarters of Caja España in Madrid, on Calle Velázquez 23, in the heart of the Salamanca neighbourhood.

A year later, in the middle of 2016, EspañaDuero decided to move its headquarters again and vacate the offices on Marqués de Villamagna, very close to Madrid’s Paseo de la Castellana. The entity put them up for sale for €90 million and moved to Titán 8. Now, history is repeating itself, as the entity continues to sell off property, in a discrete sales process being advised by the consultancy firm Irea, according to the same sources.

The 13-storey building, including one underground floor and three basement levels for parking, has a total surface area, including the outside space, of 18,152 m2, of which 10,711 m2 are offices and 6,643 m2 are garages, with 212 parking spaces.

Currently, the property has almost 3,000 m2 of office space available for rent, which is being marketed by Knight Frank and Aguirre Newman.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake