Beraunberri, José Galíndez's investment group, and Onchena, the Ybarra Careaga family's investment vehicle, have closed a preliminary agreement with the Angelo Gordon investment fund and with Talus Real Estate for the acquisition of the Bizkaia Tower.
Torre Bizkaia, located on Gran Via in Bilbao, has 9,542 sqm, spread over 21 floors, and is 88 meters high. According to market sources, the investment volume of the operation is in a range between 165 and 175 million euros.
The buyers have pointed out that the investment presents "interesting profitability ratios", including some "solvent tenants" with long-term rental contracts, which applies for example to the Irish fashion corporation Primark that occupies the first five floors and has a 30-year lease contract.
The remaining space corresponds to the Provincial Council of Bizkaia, which will open an International Entrepreneurship Center (CIE) there next September, a project in which the regional entity has involved some thirty groups, including Iberdrola, Repsol, Banco Santander and BBVA.
The iconic building, 88 meters high, was for many years the headquarters of the Banco de Vizcaya. In 2018, the American fund Angelo Gordon bought it from BBVA for 100 million euros, so, after the sale, it has obtained a significant capital gain of close to 70% in just over three years.
The asset sale process was entrusted to the consultants CBRE and JLL.
