Non-profit insurance company Mutualidad de la Abogacía has announced the sale of BBVA's emblematic headquarters, located at number 12 Gran Vía in Bilbao, to ARGIS.
The operation, which was advised by BNP Paribas Real Estate, was closed for close to 150 million euro, yielding significant capital gains for Mutualidad de la Abogacía.
The building is BBVA's regional headquarters in Bilbao and the bank's most important branch. Built in 1923, it has an area of 21.093 sqm spread across eight overground floors and two basements. The property underwent a comprehensive rehabilitation in 2009 and has been BREEAM® certified since July 2021. The transaction also includes 167 parking spaces located in three locations in the vicinity of the property: Calle Ledesma 15, Calle Henao 5 and Calle Uribitarte 13. The asset is leased to BBVA until 2045.
Following this operation, Mutualidad de la Abogacía now has a total of 43 properties in its portfolio, with a total area of 195.093.12 sqm and a market value of more than 742 million euros. In addition, it is a shareholder in Millenium Hospitality Real Estate Socimi, Advero Socimi Properties, Inbest Prime IV Inmuebles and Inversa Prime Socimi (formerly Almagro Capital) and it also is represented on the boards of directors of all three companies and in real estate investment funds Meridia IV and Ardian Real Estate European Fund II, among others.