Spanish property company Metrovacesa has sold a 57% stake in the Aresbank headquarters in Madrid to the Spanish family García Baquero for around EUR 36 mln, newspaper Cinco Dias reported on Tuesday. The property is located on the famous Paseo de la Castellana. Metrovacesa had bought the asset from Rodamco Europe in 2003 for EUR 35 mln. Aguirre Newman advised the seller.
Spanish property company Metrovacesa has sold a 57% stake in the Aresbank headquarters in Madrid to the Spanish family García Baquero for around EUR 36 mln, newspaper Cinco Dias reported on Tuesday. The property is located on the famous Paseo de la Castellana. Metrovacesa had bought the asset from Rodamco Europe in 2003 for EUR 35 mln. Aguirre Newman advised the seller.
The property is let to the international companies Alstom and Repsol, with the majority being occupied by Aresbank.
The deal is the latest completed in Madrid where a number of companies are looking to offload property assets amid the financial crisis. Last week, Santander's Banif fund sold an office located at Castellana 13 to Castellana Gestión Patrimonial for around EUR 30 mln while the Marsans headquarters was sold to Union Investment. The Banco Sabadell headquarters was sold to Metrópolis Gruop for around EUR 35 mln.
