Bilbao Bizkaia Tower up for sale for €150M

Bilbao Bizkaia Tower up for sale for €150M

The asset was promoted in 1970. It has 9,542 sqm distributed over 11 floors. Currently, it is being reformed, a process that is expected to culminate in 2022. Historically, it was the headquarters of BBVA in the Basque city.

The North American investment vehicle bought the asset, located in Gran Vía 1, in 2018, for 100 million euros. Now, he wants to get rid of it, achieving a capital gain of 50 million. The process has been entrusted to CBRE and JLL.

Renovation of the building

Since May, the low silver, which has 4,550 sqm, is operated by the fashion firm Primark. The remaining space, corresponding to offices, will house the Bizkaia Provincial Council, the Bizkaia International Entrepreneurship Center and a coworking space.

The purchase of Torre Bizkaia is Angelo Gordon's largest investment in Spain so far. Previously, the company bought other assets such as Gran Vía 30, in Madrid, the Dolce Sitges hotel in Barcelona or the Barajas 1 office building, together with IBA Capital.

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