Pontegadea Inmobiliaria, the property firm owned by Spain's richest man Amancio Ortega, has acquired the Torre Picasso skyscraper in Madrid for EUR 400 mln. The 157-metre tower - the tallest building in the Spanish capital from 1988 to 2007 - was sold in late December by Fomento de Construcciones y Contratas as part of a major restructuring of the construction group's real estate division.
Pontegadea Inmobiliaria, the property firm owned by Spain's richest man Amancio Ortega, has acquired the Torre Picasso skyscraper in Madrid for EUR 400 mln. The 157-metre tower - the tallest building in the Spanish capital from 1988 to 2007 - was sold in late December by Fomento de Construcciones y Contratas as part of a major restructuring of the construction group's real estate division.
Ortega is best known as founder of Spanish fashion group Inditex. He is a major international investor in real estate through Pontegadea. The company is active in Spain, Portugal, London and the US. Pontegadea is believed to have invested about EUR 250 mln to acquire two retail properties on London's Oxford Street in mid-2011. In 2007, the company acquired 10 properties from Spanish banking giant Santander for EUR 450 mln and teamed up with Santander's Portuguese private banking arm Banif to buy Coca-Cola German HQ in Berlin for EUR 275 mln.
FCC was advised by BBVA and Aguirre Newman in the Torre Picasso sale.
FCC also sold its Balmes property in Barcelona and Federico Salmón in Madrid in a single transaction for EUR 60 mln. The identity of the buyer was not disclosed.
The restructuring of FCC's real estate will be completed in November 2012 when it inaugurates its new headquarters in Las Tablas, Madrid. The 14,000 m2 building will provide workspace for 1,450 employees.
