The sale of the building represents 39% over the value of the last appraisal (including the investment pending).
With the sale of this building, Hispania starts the divestment of its offices portfolio announced in February 2017, and for which signed a sales mandate of those assets with CBRE and JLL.
Aurelio Menéndez building was acquired by Hispania in October 2015, with the aim of making it one of the most unique office buildings in Madrid. Nowadays, it’s undergoing a full refurbishment by architect Rafael de la Hoz, in order to bring it up to the highest standards of quality, functionality and energy efficiency, including BREEAM MB certification.
During this period, Hispania signed with Uría y Menéndez a lease agreement for the occupancy of the all building with a length of 17 years, 7.5 of which are of mandatory compliance.
"The sale of the Aurelio Menéndez building shows Hispania's ability to identify buildings in prime locations, reposition them to a higher level and attract first-line tenants, with stable and long-term contracts. We are satisfied with the outcome of this investment and the important profitability it generates for our shareholders,” says Concha Osácar, Board Member of Hispania.