Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has acquired a site from property company GMP for the development of a new headquarters on the northern outskirts of Madrid. The lender said that the head office will be located in the Empresarial Foresta business park and will involve a total investment, including the purchase and construction costs, of more than EUR 700 mln. The office, due for completion by 2010, will provide some 100,000 m[sup]2[/sup] of space for the bank's 6,500 Madrid-based employees.
Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has acquired a site from property company GMP for the development of a new headquarters on the northern outskirts of Madrid. The lender said that the head office will be located in the Empresarial Foresta business park and will involve a total investment, including the purchase and construction costs, of more than EUR 700 mln. The office, due for completion by 2010, will provide some 100,000 m2 of space for the bank's 6,500 Madrid-based employees.
The bank added that the move will lead to a 32% savings on the operating costs for its real estate assets. The financial details of this transaction have not been disclosed.
Furthermore, BBVA said it has posted around EUR 300 mln gross capital gains from the sale of four buildings in Madrid to GMP.
