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Transaction / Assets Seller Buyer € MM
Vocento Sells ABC’s HQ In Madrid To Axiare For €35M
27 December 2016 – ABC
On Friday, the Vocento Group announced that it has reached an agreement to sell the headquarters of the ABC newspaper, located on Calle Juan Ignacio Luca de Tena in Madrid, to the Socimi Axiare for €35 million, according to a statement sent by the group to Spain’s National Securities and Exchange Commission (CNMV).
Vocento reported that it has signed a five-year rental contract with Axiare, which will allow it to continue to occupy the property as the tenant. The operation is expected to generate net profits before tax of €22 million for the company.
The company stated that the operation forms part of its strategy to optimise its existing real estate portfolio. The consultancy firm Aguirre Newman participated in the operation as the real estate advisor.
Original story: ABC
Translation: Carmel Drake