26 May 2016 – Noticias de Navarra
Helvetia Seguros has finally sold ‘La Vasco Navarra’ building on Avenida San Ignacio, 7, in the Second Ensanche (Urban Expansion Area) of Pamplona; the property has been on the market for eight years. The insurance company, led by José María Paagman, signed a sale and purchase agreement with Fitbox on Monday. The purchaser, which is headquartered in Navarra, has worked in the real estate management sector for the last 18 years.
Sources in the sector indicate that the consideration paid could amount to €15 million. Neither Helvetia Seguros or Fitbox revealed the amount. Nevertheless, the company led by Paagman expressed that “it was satisfied with the sale, because, otherwise, it would not have signed the deal”.
Other sources in the sector indicated that the appraisal value had amounted to around €18 million. Those figures are well below the €30 million calculated in 2007 – before the real estate bubble burst – when the Mancomunidad de Pamplona became interested in this building to use it as its headquarters.
In a joint statement yesterday, Helvetia Seguros and Fitbox announced the completion of an operation involving a building measuring 7,066 sqm, of which 1,500 sqm are allocated for commercial use, comprising five floors and the ground floor.
The new owner stated that “it is currently deciding how this iconic building will be used”. (…).
Original story: Noticias de Navarra (by Sagrario Zabaleta and Javier Bergasa)
Translation: Carmel Drake