Telefónica to Sell an Historic Office Building in Barcelona for c. €110M

15 March 2019 – Expansión

Telefónica is putting one of its oldest buildings in Barcelona up for sale. The property, constructed in 1928, is located in Plaza Catalunya on Calle Fontanella and has a surface area of 8,530 m2 distributed over eleven above-ground floors and a basement.

The asking price stands at around €110 million and Telefónica, which occupies the whole building, is expected to continue as the tenant following the operation, in a deal known as a sale & leaseback.

The lower three floors of the building are currently occupied by Movistar Centre, an initiative from Telefónica, similar to a flagship store, which allows the public to try out the latest mobile phone technology.

According to the initial plans, Telefónica could close the sale of this property during the first half of this year, or early during the second half. Potential buyers include funds, Socimis and other investors.

Original story: Expansión (by Rebeca Arroyo & Ignacio del Castillo)

Translation/Summary: Carmel Drake