Inversis Puts Bancoval’s HQ In Madrid Up For Sale

7 April 2017 – Expansión

Inversis – owned by the Banca March Group – has engaged Deloitte to sell Bancoval’s headquarters – located at number 20 on the Madrilenian street Calle Fernando el Santo – , which runs perpendicular to Paseo de la Castellana, in the heart of the capital’s financial district.

The property has an above ground surface area of almost 2,700 m2 and is seven storeys tall. It also has two underground parking floors covering an additional 700 m2.

The asset is expected to be worth more than €15 million, according to market sources.

The building, constructed in 1967, was renovated in 1998 and received a special mention in the prizes for urban planning, architecture and public works from the Town Hall of Madrid in 1999, in the refurbished building category.

Moreover, the sale and purchase agreement will include a lease contract with Bancoval, which assures the buyer that the tenant will continue to occupy the property.

Investor interest

Inversis, which purchased the Royal Bank of Canada (RBC)’ Spanish subsidiary last year – and subsequently renamed it Bancoval – is taking advantage of the boom in the real estate sector and investor interest in the sector, in general, to generate some cash from the sale of a non-strategic asset. (…).

The building that houses Bancoval’s headquarters is expected to spark interest amongst the Socimis, as well as with family offices, property developers and international investors, given its excellent location (in the Almagro district) in one of the most sought-after areas of Madrid, given the shortage of prime products there.

Moreover, this building could be renovated for office or residential use given that it already has licences for both.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake