Bankia poised to market Spain's 2nd highest tower

Spanish lender Bankia is believed to be considering the sale of the so-called Foster tower on Madrid's central Paseo de la Castellana after its occupier scrapped plans to buy the property.

The Norman Foster-designed tower, which provides 56,250 m2 over 34 storeys, was completed in 2009 and currently ranks as the second highest building in Spain, at a height of 248 metres.

The asset was fully let to the International Petroleum Investment Company's Cepsa unit which in 2013 was also given an option to acquire the property in 2016.

However, plunging oil prices have prompted the Abu Dhabi group to cancel the acquisition.

Bankia, which owns the asset through its Torre Norte Castellana subsidiary, has yet to hire a broker for the tower, which is expected to fetch around €500-600 mln, according to Spanish press reports.

The property has five years remaining on the lease extendible for a further seven years on an annual basis.