Kutxabank placed its share of Bilbao’s Torre Iberdrola on sale

Kutxabank placed its share of Bilbao’s Torre Iberdrola on sale

Torre Iberdrola, built by architect César Pelli, is a 165 metre high skyscraper which begun being constructed on 19th of March 2007 and was finished in 2011. The building is fully destined to offices and has undergone several changes throughout the years.

Iberdrola purchased the 50% share construction company Promotora Vizcaína had of the building, to own 100% of its shares. The company then sold 33% to Basque savings bank BBK, now Kutxabank after all Basque savings banks were united into this entity.

Originally, this was a mixed project with a four star hotel included, from hotel chain Abba, which was later cancelled due to the shareholders’ changes.

The operation, which should be concluded by the Summer, has spiked the interest of mutual insurance and insurance companies, pension funds and family offices. 

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