Corporacion Financiera has acquired the headquarters of financial group Ahorro Corporacion in Madrid for €147 mln.
Corporacion Financiera has acquired the headquarters of financial group Ahorro Corporacion in Madrid for €147 mln.
Corporacion Financiera is a Spanish holding company largely owned by one of Spain's leading business dynasties, the family of late Spanish businessman Juan March. The group is believed to have emerged ahead of listed Group Colonial and private equity fund Greenoak to acquire the asset which provides a total of 20,000 m2 over 14 storeys and 530 parking spaces.
The asset is located on 's Paseo de la Castellana in Madrid and is multi let to Ahorro, bad bank Sareb, as well as advisory firm Deloitte. The asset traded for €93 mln back in 2003.
Aguirre Newman brokered the transaction.
'This operation puts an end to Ahorro's divestment of non-strategic assets,' said Ahorro's president Jorge Gil Lozano. 'It reinforces our liquidity and solvency ratios while allowing us to focus on our core business.'
