Cushman & Wakefield Web Site - March 26, 2009
Banco Sabadell, one of Spain’s main financial institutions, has today announced the sale of its head office in Madrid in a deal brokered by Cushman & Wakefield (C&W), real estate consultants for comprehensive services. The total value of the deal came to €35.7 million.
The deal has been made on a sale and leaseback basis, which comprises the sale of the asset and its subsequent leasing by the seller. This type of deal is extremely common for institutions that wish to gain liquidity from their real estate assets. Cushman & Wakefield has recently been involved in several transactions of this nature, such as the sale of Danone’s head office in Barcelona (more than €50 million) and the sale of 12 hypermarkets owned by the distribution chain Eroski (€361 million), both in 2008.
Oriol Barrachina, Managing Partner of Cushman & Wakefield in Barcelona, commented “This deal demonstrates that although there has been a significant decrease in activity in the investment market, there is still a strong interest in deals that involve a good location, a good tenant and a good contractual term”.
The Sabadell building is located at number 71 Calle Serrano in Madrid’s Barrio de Salamanca, one of the city’s most elite districts, which not only acts as a residential area but also houses the headquarters of various financial institutions and numerous high end fashion boutiques.
With nine floors above ground, two below ground and 76 car parking spaces, the building has a constructed area of 6,800m2 and a GLA (gross leasable area) of 4,616m2. The property, which has excellent public transport links, is in an optimum condition after having undergone comprehensive renovations in 2008.
The purchaser is Metroinvest (Metrópolis and La Caixa-Banca Privada.)
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