Campos Palmas Altas | Photo: Google Maps
This 96.000 sqm office complex was placed on the market due to Abengoa’s insolvency process and the operation is carried out by the 9 banks which financed the loan which paid for the office complex’s construction more than 10 years ago. Amongst these banks are Spanish CaixaBank (the operation’s agent) and French Calyon.
This corporate campus was developed for 132 million euro and it is part of Centro Tecnológico Palmas Altas SA (Palmas Altas SA Tech Centre), a company controlled by Abengoa. Located at carretera de Bellavista at Dos Hermanas in Sevilla, Campus Palmas Altas consists of 7 47.000 sqm in office buildings, green areas and common services.
The change of ownership may represent a 50 million euro transaction, 62% less than the building’s construction costs. According to newspaper Expansión, there are already interested parties: Medcap Real Estate and an international fund.
As soon as the operation is concluded, the banks intend to lease this complex to Junta de Andalucía (Regional Government of Andalusia) for several years, which will install its new Ciudad de la Justicia (Campus of Justice) there.
The sale of Abengoa’s former headquarters in Seville was registered in 2018. This operation was concluded with Bouygues Inmobiliaria for around 17.5 million euro. The company’s plans at the time were to turn the building into a 5-star hotel with the Accor Hotels insignia, in a 20 million euro investment.