• Transaction / Assets
    PSPV-PSOE HQ, Valencia
  • Seller
  • Buyer
    Myr hotel chain
  • € MM

Valencia’s PSOE Sells Its HQ In Valencia For €5.8M

30 October 2017 – Expansión

After almost a year on the market, the PSPV-PSOE’s headquarters on Calle Blanquerías in Valencia has a new owner. The spokesman for the PSPV, Jorge Rodríguez, said on Friday that the party has agreed to accept an offer amounting to €5.8 million, which means that it will have to vacate its headquarters during the next year.

The buyer is the hotel chain Myr, belonging to the Comatel group, which specialises in recreational machines, according to El Mundo. The PSPV has certainly taken advantage of the rising real estate cycle, given that the initial offers for the property did not even amount to €5 million.

The Valencian Socialist party will use the revenues raised to cover its massive debts, which amount to more than €7 million after its electoral results in recent years have led to a reduction in its income. The Valencian PP has already had to abandon its regional headquarters for the same reason.

Original story: Expansión

Translation: Carmel Drake