Three New Tenants Move into Torre Espacio

25 September 2018 – Eje Prime

Torre Espacio is almost completely full. The Spanish group Villar Mir has added three new tenants to its property on Paseo de la Castellana in Madrid. The companies have leased 3,019 m2 in the property.

Thanks to this operation, the Spanish group led by Juan Miguel Villar Mir has leased 94% of the total surface area of Torre Espacio, the fourth tallest skyscraper in all of Spain. The supermarket cooperative Coviran, the application design firm Mobetia and the fibre optic operator Ufinet are the three companies that will now carry out their activity in the building.

The property is distributed over 57 floors and is currently owned by the Philippine group Emperador. Its tenants include several embassies, such as those of Australia, Canada and the United Kingdom, as well as the Spanish Banking Association (AEB) and firms such as Red Bull and Equifax.

The arrival of the new companies in Torre Espacio comes in the middle of the divestment plan in which Villar Mir is immersed. A few months ago, it sold 12.2% of its shareholding in OHL, reducing its stake to 38.2%. The main reason for that move was to decrease the group’s debt.

In August, Villar Mir sold the 32.5% stake that it held in the share capital of Project Canalejas to OHL, the construction firm owned by the holding company, for €50 million, according to a statement filed by the company with Spain’s National Securities and Market Commission (CNMV).

Original story: Eje Prime

Translation: Carmel Drake

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