Sabadell, Spain, 26-3-2014 — /EuropaWire/ — As part of its strategy to realise the assets contained in its real estate portfolio, Banco Sabadell has reached an agreement with the international investor, London & Regional Properties, to sell to this important British firm the office complex known as Parque Empresarial Avenida América 115, one of Madrid’s largest commercial properties located next to Ifema and Barajas airport.
This operation, which also includes the assignment of the rental agreement taken out last year between Solvia, the real estate arm of the Banco Sabadell Group, and Vodafone, has been valued at 117 million euros. The legal firm of Uría Menéndez y Garrigues was also involved to ensure the operation was a success.
The office complex in question was built by Solvia on a plot of land that had belonged to the property developer Reyal Urbis, transferred to Banco Sabadell as part of the negotiations to reduce its debt. Those in charge of managing the bank’s stock of real estate took the decision to finish the building work, which had been halted, constructing a total of five seven-storey buildings arranged around a large central patio, totalling 50,600 square metres of office space.
This operation, which has now been completed, forms part of the actions being carried out by Banco Sabadell, through Solvia, to realise its stock of real estate, either through the retail channel or, as in this case, by developing and selling particular assets directly to investors. Several operations of this type were carried out in 2013, for a total value of 187 million euros.
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