Bilbao-Based Kategora Acquires Office Building in Valencia for Conversion into Apart-Hotel

16 August 2019

The Basque investment firm Kategora has acquired the building that houses the headquarters of Valencia’s PSPV party from the Valencian families Nebot Oyanguren and Pascual. The new owners have given the socialist political party and other tenants one year to vacate the property, which Kategora plans on converting into an aparthotel.

The building, located at Avenida Oeste, 28, in Valencia, is an office building whose owners opted to sell a few months ago. While the building has a market value of 25 million euros, the parties declined to reveal the negotiated sales price. The socialists already had to leave their historic headquarters on Calle Blanquerías de València after having sold it to the Valencian chain Myr Hoteles for 5.8 million euros.

Kategora, which was founded in the Basque Country thirteen years ago by Kepa Apraiz, manage an €80-million portfolio of properties. Its assets include residential properties, tourist apartments and student residences.

Original Story: Levante-EMV – Ramón Ferrando

Photo: E. Ripoll

Adaptation/Translation: Richard D. K. Turner

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