Spanish banking group Sabadell has reached an agreement with clothing retailer Mango on the sale of a mixed-use asset located in Barcelona on the Paseo de Gracia high street. The transaction price amounts to over EUR 50 mln, representing a capital gain of EUR 30 mln for the financial institution.
Spanish banking group Sabadell has reached an agreement with clothing retailer Mango on the sale of a mixed-use asset located in Barcelona on the Paseo de Gracia high street. The transaction price amounts to over EUR 50 mln, representing a capital gain of EUR 30 mln for the financial institution.
Cushman & Wakefield, which advised Sabadell on this transaction, said that the asset was sold through a bidding process which involved over 20 investors.
The building, located in one of Barcelona's most famous shopping streets, offers a total 4,600 m2 of retail and office space. In 2004 Banco Sabadell sold four floors of the building to the Andorran Reig family for EUR 17 mln, but bought them back in 2009 after receiving bids for the entire building.
Banco Sabadell has carried out a number of property sales over the past months, most recently the disposal of 378 bank branches in a EUR 403 mln sale and leaseback with UK investment fund Moorpark Capital Partners.
