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Telefónica Sells Four Properties For c. €50M

4 October 2016 – El Mundo

According to sources familiar with the operation, Telefónica has completed the sale of a portfolio containing four properties to Beach Bienes Inmuebles for around €50 million.

The last known operation involving the company was its purchase, through public auction, of a building from the Community of Madrid located at number 3 Gran Vía, in Madrid, for around €8 million in 2013.

All of the buildings are offices and facilities used by Telefónica, which has reserved the right to remain as the tenant for a mandatory period of seven years, with the option of extending for an additional five years.

Three of the properties may be used for residential purposes (those located in Madrid, Barcelona and Santander) and the other one (in Zaragoza) may be used for offices.

The building in Madrid occupies a plot measuring 749 sqm on Calle General Yagüe, 31, in the heart of the Tetuán district and just a short distance from Paseo de la Castellana. It has a constructed surface area of 3,411 sqm spread over five above ground floors and a lower ground floor, which may be used for residential purposes.

The property in Barcelona is located on a plot of land measuring 2,555 sqm on Paseo de Valldaura, 66-74, an established residential area in the Catalan capital. Its urban planning classification means that it may be converted into a residential building with common areas, with retail premises on the ground floor.

The building in Santander, located on Calle Arrabal, 23, may also be used for residential purposes, with retail premises on the ground floor.

The most unique property in the portfolio is located on Paseo de la Independencia in Zaragoza, the city’s main commercial thoroughfare. The building was constructed in 1926 and was designed by the architect Ignacio Cárdenas Pastor, who was responsible for the creation of some of Telefónica’s most important buildings during the first half of the twentieth century. Its façade and staircase is protected and the building has a total constructed surface area of 5,795 sqm.

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake