17 September 2015 – Expansión
La Mutualidad de la Abogacía has decided to cash in two of the buildings that form part of its real estate portfolio. The lawyers’ insurance company has put two buildings up for sale in Madrid and Barcelona, one residential property and one office complex.
The assets are located on Calle General Moscardó in Madrid and Ronda General Mitre in Barcelona. The Madrilenian property has a surface area of 1,836 m2 and the Barcelona building has a surface area of 1,560 m2.
Neither of the buildings is currently being used, but both could house offices or homes. La Mutualidad has engaged the real estate consultancy BNP Paribas Real Estate to manage the sale, which will be marketed through an auction. The combined market price of both properties is expected to exceed €6 million.
La Mutualidad de la Abogacía’s real estate portfolio comprises 42 assets, of which more than half are offices and 25% are hotels; the remainder includes commercial premises, nursing homes, industrial buildings and car parks.
The portfolio has a net cost of more than €463 million, and a current appraisal value of €568.6 million.
Original story: Expansión (by R.R.)
Translation: Carmel Drake