Rodamco Europe further rebalances its portfolio

Rodamco Europe in Spain has sold the CERDA 1 office building in Barcelona to Vitalicio Seguros, part of the Generali Group, for EUR 26 million. The move means that the office portfolio in Spain has strategically been reduced even further. The EGEO office building in Madrid was recently divested for EUR 84 million. What remains in the office portfolio is a solid spread over the Spanish capital and Barcelona.

The divestment is part of Rodamco Europe´s stringent asset selection. CERDA 1 had been acquired as a pipeline project in 1999. Says Simon Orchard, managing director of Rodamco Europe in Spain: ´At that time, this project was residential. We were instrumental in changing that designation to a state-of-the-art office complex over 13 floors, including underground parking. It is an excellent project, as Vitalicio Seguros has discovered. We decided to divest to rebalance our existing office portfolio, which is now around 8% of our total assets in Spain. The liquidity which has become available through this divestment will support our ongoing push into asset ownership and retail management of top, unique shopping centres in Spain.´

(source: Rodamco Europe)

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