Unlisted Spanish savings bank BBK has invested EUR 80 mln in the Torre Iberdrola tower project which is being developed in Bilbao by Spanish power company Iberdrola. The bank is acquiring a stake in the project from Iberdrola's former development partner, Promotora Vizcaína (PV), which struggled to find the much-needed cash resources for the development. The bank is taking a 33% stake in the skyscraper, with Iberdrola retaining its 66% interest.
Unlisted Spanish savings bank BBK has invested EUR 80 mln in the Torre Iberdrola tower project which is being developed in Bilbao by Spanish power company Iberdrola. The bank is acquiring a stake in the project from Iberdrola's former development partner, Promotora Vizcaína (PV), which struggled to find the much-needed cash resources for the development. The bank is taking a 33% stake in the skyscraper, with Iberdrola retaining its 66% interest.
BBK is the second-largest shareholder in Iberdrola, with a 7.19% stake.
The tower will reach a height of 165 metres on 41 storeys on completion in 2011. Iberdrola will take eight storeys in the building, which will involve an investment of up to EUR 240 mln and will provide 50,000 of office space.
