12 July 2017 – Eje Prime
Family offices are continuing to gain prominence in the real estate business with the help of their chequebooks. In the latest deal, the Revoredo family, which owns the security company Prosegur, has purchased an office building located at number 17 on Madrid’s Calle Alcalá from the family office Casticapital. Until about a year ago, the property housed the headquarters of BBVA Seguros.
The sale, executed through Gubel, the Revoredo family’s real estate company, was closed for a price of approximately €23 million, according to Expansión. Casticapital has sold off the asset just seven years after purchasing it. One of the projects that the group was considering before selling the property was the conversion of the building into a hotel.
The asset in question has eight floors plus a ground floor, with a total above ground surface area of around 3,000 m2. The Casticapital family office acquired the building from BBVA in a sale and leaseback operation (sales contract and subsequent lease) for around €18 million.
The property, which is located a stone’s throw from La Puerta del Sol and close to the Canalejas Complex, was home to the headquarters of the insurance company Hércules Hispano for many years.
Nevertheless, the building has been empty for approximately one year, after BBVA moved its insurance subsidiary to the bank’s central headquarters in Las Tablas (Madrid). That move came shortly after the end of the term that the bank was obliged to occupy the property for, according to the terms of the sale and leaseback contract signed in 2010.
Original story: Eje Prime
Translation: Carmel Drake