Lovells has acted for BBVA on the purchase of Parque Empresarial Foresta, a Madrid business park developed by Spanish company GMP. The bank plans to develop its new headquarters in the business park.
Detail:
BBVA, one of the leading Spanish financial institutions, closed the deal to acquire Parque Empresarial Foresta on 19 June. This business park consists of 100,000 m2 and is located in one of the new development areas in the outskirts of Madrid.
BBVA is a listed company, member of the exclusive IBEX 35 and appears among the 100 Top Companies in Europe (www.bbva.com). The bank plans to integrate its 6,500 Madrid employees in the new Corporative Centre from 2010.
Comment:
This is the most significant real estate transaction in the Spanish market in 2007. The total investment from BBVA is approximately €700 million. In addition, BBVA has entered into a sale and leaseback agreement of four landmark buildings owned by the bank in the business district of Madrid. Once all transactions have been duly completed, BBVA will obtain a capital gain of approximately €300 million.
The Madrid team, led by Emilio Gómez, advised in all real estate aspects of the transaction, including due diligence, sale and purchase and leaseback agreements.
