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17 April 2018 – Iberian Property
The Swiss bank UBS’s real estate subsidiary has acquired a prime office building in the centre of Madrid, which is occupied by BBVA, for around €120 million.
Located at numbers 1 and 2 on Plaza de Santa Bárbara, in the Palace of the Condes de Guevara, the building spans a total surface area of 11,549 m2 and dates from 1920, according to Eje Prime. It also has 300 parking spaces.
Formerly owned by BBVA, which sold the property to a private investor several years ago, the bank continues to use the building to house its innovation centre and other offices.
This transaction was intermediated by Savills Aguirre Newman. It represents UBS’s fifth acquisition in Spain in the last year. Around a month ago, the bank purchased the EspañaDuero office tower, also in Madrid, in the Méndez Álvaro district, through UBS Euroinvest Inmobilien, for €55 million.
Original story: Iberian Property (by Ana Tavares)
Edited by: Carmel Drake