Telefónica sells an office building in Valencia for €16M

Telefónica sells an office building in Valencia for €16M

The telecommunications company has sold an office building located in the center of the Valencian capital for around 16 million euros to a Valencian family, taking into account that the average price per square meter of offices in the area is between 1,800 euros and 2,200 euros, according to market sources.

The asset totals 8,000 square meters and is located at number 148 on Calle San Vicente Mártir, near Plaza España and the Joaquín Sorolla railway station. The company Olivares Consultores has acted as an intermediary for the operation.

Jorge Quevedo, investment director of the consultancy, highlights that "seeing the scarcity of this type of product, we decided to transform one of the operations that could exist in Valencia with these characteristics at the convenience of our client".

Initially, Telefónica had the intention of carrying out an operation through the sale&leaseback format, remaining as a tenant for a minimum of two years, although in the end it has opted for a traditional transaction.

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