Testa Inmuebles en Renta, part of Spanish construction group Sacyr Vallehermoso, has sold an office building in Barcelona for EUR 53.5 mln, generating a gross profit of nearly EUR 22 mln.
Testa Inmuebles en Renta, part of Spanish construction group Sacyr Vallehermoso, has sold an office building in Barcelona for EUR 53.5 mln, generating a gross profit of nearly EUR 22 mln.
The buyer is said to be Pontegadea, the property firm owned by Amancio Ortega, Spain's richest man and founder of fashion group Indetex.
The building, located at Paseo de Gracia 56, provides a total of 9,000 m2 of office accommodation including 960 m2 underground. Main tenants include Bank of Tokio Mitsubishi, Cushman & Wakefield, BNP Paribas, and Audatex. The asset also includes some retail space on the ground floor leased to Burberry.
'With this operation, the group is taking a step forward in its strategy to rotate mature assets and reduce debt,' the company said in a statement.
Earlier this year Pontegadea emerged as the buyer of a portfolio of assets being sold by Spanish construction giant Fomento de Construcciones y Contratas (FCC) for EUR 460 mln. In the largest deal, FCC sold the 157-metre Torre Picasso, one of the tallest skyscrapers in Madrid, for EUR 400 mln.
