Mutualidad de la Abogacía, the Spanish private pension scheme for lawyers, has acquired the historic headquarters of financial group BBVA in Bilbao for around EUR 100 mln.
Mutualidad de la Abogacía, the Spanish private pension scheme for lawyers, has acquired the historic headquarters of financial group BBVA in Bilbao for around EUR 100 mln.
The seller is Deutsche Bank's real estate investment unit RREEF, which was advised by Catella Property on the deal.
The property comprises over 22,000 m2 of office space let to BBVA for 20 years. Following the transaction, the average yield of the pension fund's real estate portfolio has reached its target of over 6%.
Earlier this year, Mutualidad acquired an office building in Madrid housing the Ministries of Health and Internal Affairs for EUR 26 mln, as well as two office properties leased to the Comunidad de Madrid (the regional government) for around EUR 65 mln. In a statement, the pension fund said it invested a total of EUR 467 mln in 2010, with real estate acquisitions representing over 30% of the total investment volume.
In total, the pension scheme has real estate assets valued at around EUR 453 mln, representing 14.5% of its EUR 3 bn investment portfolio.
