Spanish media group Promotora de Informaciones (Prisa) has sold a portfolio consisting of three office buildings in Madrid and Barcelona for EUR 315mln in a transaction generating capital gains of EUR 242mln, Prisa said. The properties were purchased by Spanish real estate investment company Drago Real Estate in a sale-and-leaseback deal, under which Grupo Prisa will remain a tenant for a period of 15 years. CB Richard Ellis acted for the seller.
Spanish media group Promotora de Informaciones (Prisa) has sold a portfolio consisting of three office buildings in Madrid and Barcelona for EUR 315mln in a transaction generating capital gains of EUR 242mln, Prisa said. The properties were purchased by Spanish real estate investment company Drago Real Estate in a sale-and-leaseback deal, under which Grupo Prisa will remain a tenant for a period of 15 years. CB Richard Ellis acted for the seller.
The portfolio includes two emblematic buildings in Madrid (Gran Vía 32 and Miguel Yuste 40) and the headquarters of Cadena Ser in Calle Caspe, Barcelona. Gran Vía 32 accommodates the headquarters of Prisa, Cadena Ser and Localia, among other business lines; while the building in Miguel Yuste accommodates the editorial office of Spanish newspaper El País.
'These sale-and-leaseback transactions are noteworthy not just because of the buildings' and company's high standing in Spain, but also because they show that significant gains are still being made in the more challenging market conditions,' said Adolfo Ramírez-Escudero, executive director of CB Richard Ellis Spain.
