FCC restructures its real estate assets by divesting Torre Picasso and its Madrid and Barcelona HQs (ES)

FCC, the Spain-based infrastructure and environmental services company, is continuing with its policy of strengthening its financial structure through two real estate divestments and the move to a new headquarters.

Torre Picasso

Pontegadea Inmobiliaria has acquired Torre Picasso for €400 million.

Pontegadea Inmobiliaria has acquired Torre Picasso for €400 million; in another transaction, FCC has sold its Balmes (Barcelona) and Federico Salmón (Madrid) buildings for €60 million. The process of restructuring the group's real estate will be completed with the construction of a new head office building in Las Tablas (Madrid).

With these transactions, FCC is continuing the policy implemented in the last few years of strengthening its financial structure and reducing debt. FCC, the Citizen Services group, will use the proceeds from the divestments to reduce interest-bearing debt, and the transactions will release funds to continue financing core business activities: environmental services, infrastructure and renewable energy.

FCC was advised by BBVA in both transactions, and also by Aguirre Newman in the Torre Picasso sale.

The restructuring of FCC's real estate will be completed in November when it inaugurates its new headquarters in Las Tablas (Madrid). The new 14,000-m² building will provide workspace for approximately 1,450 employees.

The site, on the outskirts of Madrid, has permission for approximately 21,000 m² of building for tertiary uses, i.e. offices and shops. The building, which will be leased by FCC, will have seven stories above grade plus two underground car park levels. The ground floor will be devoted to shops and parking space. The building will have a total of 400 parking spaces. The top six floors will be devoted to offices.

The bulk of the 1,450 employees relocated to the Las Tablas building will be from the Construction and Services divisions.

The transfer is part of the Group's cost-saving policy, since most of the employees that will be relocated are currently working in leased office space in various Madrid locations.

Source: DoubleIC

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