Hispania is finalizing the sale of its office portfolio to Swiss Life

Hispania is finalizing the sale of its office portfolio to Swiss Life

Finalist on the contest for the sale of this portfolio, Swiss Life has fought off the other candidates, including Starwood Capital, and has positioned itself as the best potential buyer to acquire the portfolio.

Hispania’s portfolio has a gross leasable area of around 150,000m2 and an occupancy rate to 82%, with the SOCIMI closing its first quarter of 2017 with an average office rental income of €13.8/m2, which represents an increase of 7% compared to the first quarter of 2016.

Three years after the beginning of its activity, last March Hispania’ shareholders - including George Soros and John Paulson-, approved the liquidation proceedings of the SOCIMI. This shall extend for three more years, until 2020, during which Hispania will focus on its Hotel portfolio management, after had started the sale process of its residential and office portfolio, advised by Azora.

It was within this strategy that, last June, Hispania announced the sale of the office building Aurelio Menendez, with a GLA of 4.700 m² in Madrid, for €37.5 million. This transaction represents a sale value of 7,800 €/m2.

Hispania closed the first quarter of 2016 with an asset portfolio worth €2,024 million. Of the total, €1,292 million correspond to hotel assets, €526 million to offices buildings and €230 million to residential segment.

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