Kutxabank has just released a new streamlining strategy for corporate real estate property by selling a building in the center of San Sebastian to the Council of Gipuzkoa for 13.3 million Euros. The 8-floor property is situated at the corner of the Garibai and Peñaflorida Streets. It has been occupied by offices and service companies of the provincial institution for the last three decades. The Council will pay in 5 years´ period at a zero interest rate, according to the institutional sources. The Council has aquired 5 out of 7 thousand square meters of the building´s surface, as the ground floor and a part of the basement will still be occupied by Kutxabank.
By this operation, the bank proceeding from a merger of three Basque banks: BBK, Kutxa and Vital, releases its new policy of disinvestment in the corporate headquarters, which is going to affect other buildings in San Sebastian and in Bilbao. All the property involved in the new sales strategy is a singular building with high differential value, located in the center of one of these cities. Moreover, in all cases Kutxabank will leave a part of a building for itself.
One of the buildings for sale is the former headquarters of the Caja Municipal on the Gran Vía Street in Bilbao.
Kutxabank wishes to improve its sales efficiency and desinvest in the company´s portfolio assets. The merger has already sold its shares of NH, Euskaltel and Ibermática.