Mazabi buys 2 office buildings for €70M

Mazabi buys 2 office buildings for €70M

One of the assets is located at number 9 Plaza del Ayuntamiento in Valencia, it has 10.249 sqm and cost more than 35 million euro to the Spanish management company. The other building is located at Paseo de la Palmera in Seville, it has 9.012 sqm and 64 parking spots.

According to newspaper Valencia Plaza, which reported the news, the buildings are currently leased to bank BBVA, which subleased the first building to the city of Valencia’s tax office while the other building is occupied by BBVA itself through a long-term rental agreement. This operation was advised by consultant CBRE.

This operation was carried out at a time when Spain is passing through the crisis created by the Covid-19 pandemic. Nevertheless, Mazabi did not put aside its strategic growth plan which includes investing in the main Spanish cities so as to reach a portfolio estimated at 2.000 million euro by the end of 2020. This represents 500 million euro more than its current portfolio.

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