Wednesday, October 07, 2009

Acciona Seeking EUR 60 Million Sale Leaseback of Two Buildings in Madrid

PropertyEU - October 5, 2009

Spanish construction group Ferrovial has received a number of bids for its Madrid headquarters which would see the building taken over under a sale-and-leaseback structure. The firm is now considering the offers for the headquarters located at Principe de Vergara in the Spanish capital, a spokesperson for the company told news agency Reuters. Ferrovial is said to be targeting a price of EUR 43 mln for the building.

Separately, Spanish infrastructure and renewable energy company Acciona is said to have put on the market two of its buldings in the La Moraleja de Alcobendas business park in Madrid. According to an article in Spanish newspaper Cinco Dias, the building could fetch up to EUR 60 mln. The operation, which is being managed by CBRE, is planned as a sale-and-leaseback deal.

A number of Spanish companies have been trying to sell their properties over the past months in an effort to generate cash. Last week, Spain's second-largest bank BBVA unveiled the EUR 1.1 bn sale of its bank branch portfolio consisting of 948 assets. Spanish manufacturer Gallina Blanca Star also sold its head office in Barcelona this week to real estate firm Iberfindim, owned by the Fossati family, for around EUR 15 mln. Aguirre Newman advised the company in the sale process. Sphere: Related Content

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