The investment fund Angelo Gordon has decided to put the Torre Bizkaia building, one of Bilbao's most iconic properties, back on the market. The consultancy firms CBRE and JLL have been the companies chosen to carry out this divestment process, according to sources confirmed to El Economista. The operation could reach 150 million euros.
It is worth remembering that Angelo Gordon, based in the United States, acquired this asset, a central piece in the Bilbao skyline, in 2018. At that time, the office building located at number 1 Gran Vía was owned by BBVA. In fact, the tower was for many years the headquarters of Banco de Bizkaia.
The investment fund paid 100 million euros to acquire the Torre Bizkaia and if it manages to close the sale for the fixed amount, it will have earned 50 million euros after three years. This purchase was the largest ever made by the fund in Spain, where it landed in 2014 with the acquisition of Gran Vía 30, in Madrid, which it subsequently sold.
In 2017, Angelo Gordon also acquired the five-star Dolce Sitges hotel in Barcelona, which was in the hands of Oaktree. For this asset, the fund paid 40 million euros. Later, in 2019, the company acquired the Barajas 1 office building in Madrid, which at the time was in the hands of GMP. A transaction set at 37.5 million euros.
With regard to the Torre Bizkaia, the property highlights that more than a decade ago BBVA decided to change its headquarters, marking the end of an era for this emblematic building. However, now the asset has regained its former splendour by accommodating new tenants. Among them is Primark, which has a megastore thanks to a 30-year lease. Specifically, the firm has leased the ground floor and the first five floors, installing a retail space occupying 4,550 m2.
Article originally seen on El Economista.
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