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Spanish Bank Sabadell sells to Mango group its building in Paseo de GRacia (Barcelona)
22 Jun, 2010, Barcelona
• Selling price was above 50 million euros.
• Cushman & Wakefield was the real estate consultant advising the bank
Banc Sabadell has signed the selling of its former HQ in Barcelona, located in Paseo de Gracia 36, to retailer Mango Group. During the selling process, coordinated by real estate consultant Cushman & Wakefield, more that 20 investment groups showed interest in the building.
The price paid by Mango surpassed the amount of 50 million euros which means a capital gain for the bank of 30 million euros
The building is located in a prime area in Barcelona, between the streets of Consejo de Ciento y Diputación. It adds up a total of 4.600m2, divided into basement and ground floor of 1.100m2 each, and four other floors of 600m2 each. It has a front line of 20 meters. Banc Sabadell sold four floors in 2004, and bought them again in 2009 in order to facilitate the selling process and obtain an improved yield with the sale of the whole building.