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Slim Commissions Sale Of Torre Realia In Barcelona For €140M

7 June 2017 – El Confidencial

(…). Torre Realia BCN is the jewel in the crown of FCC’s subsidiary in Cataluña and, moreover, it is located in a thriving area which has been witness to some of the most interesting real estate operations of recent times: Plaza Europa, the new business district within the Catalan capital’s area of influence.

With this cover letter, the group controlled by Carlos Slim has decided to put the skyscraper on the market and has engaged JLL and BNP Paribas to find a buyer, according to several sources close to the operation.

A spokesman for Realia refused to confirm the operation, which has reportedly been orchestrated directly by Gerardo Kuri Kauffman, one of the right-hand men of the Mexican magnate in Spain and the CEO of the real estate company.

The decision to sell this genuine trophy asset comes just after the real estate company signed a new syndicated loan amounting to €582 million, aimed at refinancing the €678 million debt that expired in April and which threatened the viability of the group.

To finish sorting out the financial situation, the company was also planning to sell the Los Cubos building in Madrid, an operation that never ended up being closed due to Slim’s high price expectations.

New business district

Realia is hoping to obtain €140 million for this sought-after property, which measures 112 m tall, over 24 storeys, with a gross leasable area of 31,960 m2 and 399 parking spaces. It is aware of the growing interest that exists amongst the large real estate companies to establish themselves in the new business district.

The skyscraper is, precisely, one of the most iconic buildings in this thriving area and is the image that identifies the zone. The property houses the headquarters of KPMG in Barcelona and has seen its value rise in recent months, thanks to the wave of operations that have taken place in this enclave and the growing number of large corporations that are moving their headquarters to this new financial district, in L’Hospitalet de Llobregat.

The main player in two of the operations that are transforming the area is the Puig family, one of the most important corporate sagas in Cataluña, which has completed a double whammy, by teaming up with Colonial to promote a 14,000 m2 tower in Plaza Europa 46-48, which is right opposite Grupo Puig’s headquarters, a building that it has just purchased from BBVA for around €60 million.

Arcano has also been active in the area with its acquisition of an office building located at Plaza Europa 22-24 for €13 million. That property has a gross leasable area of 7,335 m2, plus another 452 m2 of storerooms, 83 of its own parking spaces and 164 administrative concession parking spaces, which it plans to completely remodel after the summer.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake