Zara founder buys skyscraper Torre Picasso for €400m

picassoMADRID | Spanish construction company Fomento de Construcciones y Contratas SA (FCC) seeks the strengthening of its financial structure through two real estate divestments and the move to a new headquarters. This week, Pontegadea Inmobiliaria has acquired Torre Picasso to the founder of the Zara boutique chain for €400m; in another transaction, FCC has sold its Balmes (Barcelona) and Federico Salmón (Madrid) buildings for €60m. 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 reduces debt in order to improve its financial standing. 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 sq m building will provide workspace for approximately 1,450 employees.

The site, on the outskirts of Madrid, has permission for approximately 21,000 sq m 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.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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