Criteria acquires the headquarters of CaixaBank in Madrid for €238.5M

Criteria acquires the headquarters of CaixaBank in Madrid for €238.5M

CaixaBank has agreed to sell its historic headquarters on Paseo de la Castellana in Madrid for 238.5 million euros to Inmo Criteria Patrimonio, a subsidiary of Criteria Caixa, the company that manages the business assets of Fundación Bancaria La Caixa.

CaixaBank put this office building up for sale a few months ago, located in one of the best areas of the capital, for which it began a competitive process with the aim of obtaining the maximum turnout of potential buyers and closing the operation this year.

In the end, as reported today by the bank, the best offer was presented by Criteria Caixa, the holding company of Fundación La Caixa and a reference shareholder of CaixaBank. The transaction is expected to close during the second half of the year.

The sale price of the property amounts to 238.5 million and will allow CaixaBank to record a positive result of approximately 98 million euros (about 69 million net of the tax effect), which will be recorded as gains and losses due to derecognition of assets and others in the income statement.

The building is located at number 51 Paseo de la Castellana, has more than 18,000 square meters spread over six floors and had been the historic headquarters of CaixaBank in the capital until a few months ago. In addition to staff from CaixaBank itself and companies in its group, the building also houses the headquarters in Madrid of Fundación La Caixa and Criteria, which currently occupy, as tenants, a significant part of the sixth floor and the entirety of the second, along with several parking spaces.

However, as a result of the merger with Bankia, CaixaBank decided to concentrate its activity on the Kio tower, the former headquarters of the Madrid bank, and agreed to begin the process of selling the building, considered a prime asset due to its size and location.

According to the report of the CaixaBank Audit and Control Committee, InmoCriteria has presented the best offer not only in terms of price, but also "providing additional value to CaixaBank in aspects such as the trademarks or distinctive signs present in the building and the appropriate management of the commercial office of the entity” in the building

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