A family office linked to Hong Kong-based businessman Harry Mohinani has acquired the former headquarters of Spanish telecommunications firm Telefonica in Barcelona for just over €56 mln.
A family office linked to Hong Kong-based businessman Harry Mohinani has acquired the former headquarters of Spanish telecommunications firm Telefonica in Barcelona for just over €56 mln.
Located at Avenida de Roma in Barcelona, the Estel asset was put up for sale in September last year for an asking price of €56 mln following a local court decision.
The transaction value represents one quarter of the price paid for the asset six years ago by Cerep Investment, a unit of The Carlyle Group which is currently in liquidation.
The building, which is currently vacant, is believed to have been sold by Telefonica to Cerep in June 2007 for as much as €235 mln.
Renta Corporación brokered the deal. Law firm Garrigues advised the vendor. The proceeds will be used to pay back Cerep's creditors.
The buyer, part of Platinum Estate, a group of nine family offices, plans to invest €45 mln to convert the building into apartments, according to Spanish press reports.
