• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Mango Acquires a Building in the Heart of Bilbao From Kutxabank

25/01/2014 – Expansión

Mango has hit the road with its growth plan involving the emblematic establishments in the hearts of cities. The company has signed an agreement with Kutxabank on the purchase on the strict Gran Vía of Bilbao of old premises of the BBK bank. The transaction consumed about 40 million Euros.

Together with the acquisition of the historical building, the Catalonian chain applies its new shop scheme to one of the most quoted arteries of the Vizcayan capital as last year it invested around 14 million Euros in the purchase and refurbishment of the old trade premises of the Bilbao Chamber of Commerce. Presently, the building hosts a macroshop of the chain and is situated adjacently to the new commercial focus.

The old office of BBK occupies one of the most valuable corners in the center of Bilbao and covers about 8.000 square meters dispersed among five stores. Its sale forms a part of the new corporate “property streamlining” strategy run by Kutxabank – the fruit of the BBK, Kutxa and Vital´s merger – to optimise the sources and efficiency in expenses.

Mango´s new target achieved in fierce bidding, the historical building´s purchase converges with the landing of the U.S. designer Michael Kors´s shop on the same Gran Vía, precisely in the old premises of Loewe. (…).

The company belonging to Isak Andic possesses other four establishments in Bilbao, as well as the fifth shop in the Barakaldo shopping center.

Source: Expansión