Villar Mir Puts ‘Torre Espacio’ On The Market For €700M

30 June 2015 – Expansión

A new mega real estate transaction is taking shape in Spain, involving ‘Torre Espacio’ – the 236 metre tall skyscraper that the Villar Mir Group owns in the Cuatro Torres Business Area, in Madrid.

The Villar Mir Group, owner of the OHL construction company and the Espacio real estate company, has just put one of the most iconic buildings in the capital up for sale. According to sources close to the process, the property, which contains 60,140 m2 of office space, has an asking price of between €650 million and €700 million.

Villar Mir’s decision to sell the building, through a process organised by the consultancy Aguirre Newman, comes barely a month after the company was awarded the plot of land adjoining the Cuatro Torres, where it will construct a new skyscraper.

The sale of Torre Espacio, which opened in 2007, will generate significant capital gains for the company owned by Juan Miguel Villar Mir, which invested €400 million to buy the site and construct the building. That amount includes the €187 million it paid to purchase the land, as well as all of the financial expenses incurred during the construction period.

Torre Espacio, which was the first of the four buildings in the complex to open, has an occupancy ratio of 85%. Its tenants include the Villar Mir Group, some of its subsidiaries (Fertiberia, Ferroatlántica and Espacio), as well as the embassies of the UK, Netherlands, Canada and Australia.

According to initial calculations, when the tower is fully leased, it will generate annual income of €28 million.

Original source: Expansión (by Rocío Ruiz)

Translation: Carmel Drake