Telefónica is preparing to sell office in Madrid for €22.5M

Telefónica is preparing to sell office in Madrid for €22.5M

The 10.000 sqm unit is one of 4 modules which compose the office complex located at number 8 Calle Julián Camarillo in the Spanish capital.

This should be a sale&leaseback deal to be concluded for around 22,5 million euro. Thus, the change of owner will not affect the workers and, on the other hand, it will guarantee immediate returns for its future owner. Sources told el Economista, which reported the news, that the yield should be around 5.5%.

This divestment is part of the company’s strategy to obtain liquidity fast so as to reduce its debt not only in Spain, but also in other countries.

This model has been in use since 2019. Last May the company concluded the sale of its headquarters in Barcelona, to Grupo Emperador Spain for 150 million euro. In November, it sold another office building in Barcelona for 100 million euro. Its latest sale of that of an office building in Malaga for 12 million euro. These operations were also concluded using the sale&leaseback formula and represented a total of 262 million.

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