Hispania Commissions Block Sale Of Entire Office Portfolio
3 May 2017 – Mis Oficinas
According to elconfidencial.es, Hispania’s portfolio is worth €521 million, excluding one building measuring 4,800 m2, which is currently being refurbished and which will be sold separately to the law firm Uría Menéndez for its headquarters. The directors of the Socimi have held meetings with the major real estate consultancy firms with the aim of closing the agreement and commencing the sale.
The newspaper reports that during the course of this week, the main consultancy firms that operate in Spain, such as CBRE, Aguirre Newman and Cushman & Wakefield, have submitted their proposals to be awarded the project.
The Socimi has decided to focus solely on its hotel business, and whereby divest all of its homes and offices. The company hopes to sell its 26 office buildings, which have a total surface are of 181,945 m2, before July. Most of the offices are located in Madrid (78%), followed by Barcelona (20%) and Málaga (2%). In addition, the entity has 754 homes to sell.
With this project, Hispania will be able to return to its investors a large part of the €1,118 million that was entrusted to its manager Azora, thanks to whom a portfolio worth more than €2,000 million has been created. Despite having received several offers for various assets, the company has opted to sell the assets in a block, to allow it to obtain profits more quickly and to be able to return its contributions with the agreed interest amounts.
Original story: Mis Oficinas
Translation: Carmel Drake