CB Richard Ellis has advised Spain's Banco Bilbao Vizcaya Argentaria (BBVA), on the purchase of Foresta Business Park from GMP, the real estate company. BBVA has acquired the 100,000-m² site located on the A1, one of the newly developed areas in the city of Madrid near Plaza Castila. The bank will develop the land which will be a new corporate headquarters, due for completion by 2010.
The deal also includes the sale from BBVA of four buildings, including their current headquarters in Castellana 81. BBVA will remain on a lease back up to 5 years until the new headquarters are ready.
BBVA's 6,500 employees are currently dispersed in more than 10 buildings throughout Madrid. The move to Foresta Business Park will represent an annual saving of 32% in BBVA's current real estate assets and will bring significant improvements to their work spaces.
Adolfo Ramírez-Escudero, Managing Director of CB Richard Ellis Capital Markets Spain, commented, "This deal is a good example of how big corporates in Spain are changing their property strategy. New business parks with modern facilities and efficient use of space are the new trend. Their acquisition is being financed by sales of their previous assets and by sale & leasebacks of disposals."