Idom Sells its HQs to Catalana Occidente and Grosvenor for €90M

The engineering company has sold its headquarters in Bilbao and Madrid to Catalana Occidente and the Grosvenor Group for €90 million.

The engineering company Idom has closed the sale of its headquarters in Bilbao and Madrid to Catalana Occidente and the Duke of Westminster for €90 million, according to Expansión.

The Bilbao headquarters, located on the Deusto canal, which spans a surface area of 14,000 square metres, has been acquired by the insurance group Catalana Occidente.

Meanwhile, the property in Madrid, located in the Montecarmelo neighbourhood and comprising offices spanning 10,000 square metres and a below-ground space of 7,000 square metres, has been purchased by the Grosvenor Group, the real estate investment vehicle owned by the Duke of Westminster.

Idom Hires Savills to Sell its Headquarters in Madrid and Bilbao

3 December 2019 – The Basque engineering firm, Idom, has given a mandate to the consultancy Savills Aguirre Newman to sell its headquarters in Madrid and Bilbao. The firm intends to stay on in the offices, in what is known as a sale and leaseback operation.

The firm’s headquarters is located in the neighbourhood of Montecarmerlo in Madrid, while the property in Bilbao is on the Deusto canal in front of Zorrotzaurre.

Idom is reportedly negotiating with two investment funds. The sale could potentially be worth more than €80 million.

Original Story: Expansión – Rebeca Arroyo / Marian Fuentes

Adaptation/Translation: Richard D. K. Turner