Construction & Maintenance - December 29, 2009
Ferrovial, the Spanish infrastructure group, signed a sale-and-leaseback agreement on its corporate headquarters building with a Spanish property investor. The deal amounts to 40 million euros.
Ferrovial will remain as a tenant for twelve years, with an option on two 5-year extensions. Ferrovial also has the right of first refusal if the buyer decides to sell the building in the future. Today's agreement culminates a process that commenced in September when Ferrovial mandated a property manager to explore the market.
Ferrovial's headquarters is located in Madrid at Calle Príncipe de Vergara, 135. The 8,549 square meter building was inaugurated in 1989; it has seven floors above grade and two basement car parks with space for 100 cars.
The sale is aimed at optimizing Ferrovial's cash flow by raising funds for investment in new business opportunities.
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