Blackstone negotiates sale of Príncipe de Vergara 108 for €50M

Blackstone negotiates sale of Príncipe de Vergara 108 for €50M

Photo Collected From Google Maps

This operation is currently under due diligence, according to what elEconomista ascertained from a source involved in the process. This modern building has 12 floors, 7.324 sqm and 68 underground parking spots.

Blackstone acquired this building when it incorporated REIT Hispania’s portfolio of 25 buildings of this type estimated at more than 600 million euro. Out of this portfolio, the American giant has already sold 9 assets over the last 18 months for more than 440 million euro. Amongst the assets are, for example, building Murano and building Helios (new ING’s headquarters).

Despite carrying out its asset rotation strategy, Blackstone has already invested around 23 billion euro in Spain. One of its latest acquisitions was Torre Tarragona, in Barcelona, from UBS for 100 million euro.

Swiss management company UBS has also been buying and selling in Spain. In January it sold PepsiCo HQ (Alameda Park 7, in Barcelona) to British Standard Life Aberdeen for 60 million euro and only 3 months later it bought WeWork’s future headquarters in Madrid for 40 million euro.

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