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FCC restructures its real estate assets by divesting torre picasso and its madrid and barcelona headquarters

29/12/2011

FCC restructures its real estate assets by divesting torre picasso and its madrid and barcelona headquarters

  • · Pontegadea purchases Torre Picasso for 400 million euro
  • · The Balmes (Barcelona) and Federico Salmón (Madrid) buildings will provide an additional 60 million euro in revenues
  • · FCC, the Citizen Services group, is building a new headquarters in Las Tablas, on the outskirts of Madrid

 

FCC restructures its real estate assets by divesting torre picasso and its madrid and barcelona headquarters
Madrid, 29 December 2011. FCC is continuing with its policy of strengthening its financial structure through two real estate divestments and the move to a new headquarters. Pontegadea Inmobiliaria has acquired Torre Picasso for 400 million euro; in another transaction, FCC has sold its Balmes (Barcelona) and Federico Salmón (Madrid) buildings for 60 million euro. 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 is continuing the policy implemented in the last few years of strengthening its financial structure and reducing debt. FCC, the Citizen Services group, will use the proceeds from the divestments to reduce interest-bearing debt, and the transactions will release funds to continue financing core business activities: environmental services, infrastructure and renewable energy.

The pre-tax capital gain on these transactions is estimated to be 180 million euro. 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 square metre building will provide workspace for approximately 1,450 employees.

The site, on the outskirts of Madrid, has permission for approximately 21,000 square metres 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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