25 May 2016 – Levante-EMV
The Valencia-based Zriser Group, the investment vehicle owned by the siblings Pablo and Ana Serratosa, has sold the Generali building for €30 million to the businessman Juan Luis Gómez—Trénor, founder of the former Colebega bottling plant and shareholder of Coca-Cola European Partners with a 8.5% stake.
The property was designed in 1930 by the architect Luis Bonetm, a disciple of Gaudí and one of the construction directors at the Sagrada Familia. The building has a surface area covering 6,079 sqm across six floors, containing offices and commercial premises, and its main tenant is the law firm Garrigues.
The Zriser Group purchased the building, located in La Plaza del Ayuntamiento 27, from Generali Seguros for €21 million in 2011, which means that it has obtained a capital gain of almost 50% in five years.
Sources at the investor group declined to provide any information about the buyer or the consideration paid for the operation on the grounds of confidentiality. However, other sources familiar with the sale confirmed that the proceeds amounted to around €30 million and that the purchaser is Juan Luis Gómez-Trénor. The transaction comes at a time when the real estate sector in Valencia is in full recovery.
In just a few days, the Serratosa’s investment group has placed 33 of the 34 homes in its first housing development on the market in Valencia. Zriser is going to construct luxury homes at number 11 on Avenida de Francia in Valencia, next to Hotel Barceló.
Despite the sale in 2011, the insurance group Generalia has continued to occupy the building in La Plaza del Ayuntamiento, as a tenant alongside the law firm Garrigues. The Zriser Group already owns another office building, Edificio Alameda, which it acquired in 2009, for €24.3 million. Moreover, it owns another property on La Alameda (which it leases to PricewaterhouseCoopers) and another one on Alfahuir.
Original story: Levante-EMV
Translation: Carmel Drake