The real estate consultant Cushman & Wakefield Healey & Baker has been the consultant for the Lloyds TSB Bank in the sale of their headquarters of Madrid. They sold it to the real estate investment fund manager Oppenheim for the amount of Ã¢âÂ¬ 29.5 million, with an initial net profitability of around the 6.5 percent. This transaction constitutes an operation of sale and lease back, since the selling entity will remain as tenant during a period of 15 years.
The operation, explained Roger Cooke, managing director of Cushman & Wakefield Healey & Baker in Spain, is part of the growing tendency of the bank entities to sell their assets in order to concentrate their resources in their business or main activity and finance possible expansion plans.
The building in the Serrano Street has been the headquarters in Spain of the British bank from 1976. It has a total surface of 5,524 square meters, in a total of seven floors with 51 parking places.
The bank is going to occupy most of the property, 1,300 square meters will remain available that Oppeheim has foreseen to recondition in order to rent them in the future.
Source: Europa Press