Fibra Sells 40 Sabadell´s Premises For €200 Million

6/02/2014 – Expansion

The Mexican private equity firm Fibra Uno has decided to sell off a part of the 253 offices of Banco Sabadell that the company bought at the end of October.

The investment group led by a businessman Moisés El-Mahn charged Spanish CBRE with commercialization of 40 premises (16% of all). The chosen offices are situated in several spots in Spain, mainly in Madrid, Vitoria, Tarragona or San Sebastián. “The property is outstandingly located and the units large”, say sources with knowledge of the operation.

The process will be driven to an end by the real estate portal Fibra Uno aims at earning €200 million.

Rapid Sale

(…) Three months ago, the Mexican group bought about 250 branches leased to Sabadell of Gipuzkoa from a British fund Moor Park. Fibra Uno paid €290 milion for the lot (€1.15 million each) (…).

Among the property, noteworthy is the office on the Velázquez Street in Madrid. It occupies 1.783 square meters and the sales price will reach €22.4 million. In exchange, the new owner will receive €1.19 million in rental payments per year (profitability of 5.32%). Other premises in Madrid are located on the Orense (price: €6.74 million) and the Almagro (€ 6.7 million) Streets.

Sabadell pledged renting the offices by 2045, with mean profitability of 5.5%.

The fixed rent will expire in 2017, after that time it will be increased by more or less 2%. Sabadell has got a right to repurchase in 25th and 35th year of leasing the property.

Original article: Expansión (Rocío Ruiz)

Translation: AURA REE