Gas Natural has sold its Madrid headquarters to IBA Capital for a reported 鈧�120 mln.
The deal signals a change of strategy, after the Spanish utilities giant previously declared it was looking for a single buyer for all four of its assets in the capital, according to Spanish financial newspaper Expansi贸n.
Instead, advised by CBRE and Cushman & Wakefield, it has now divested its most sought-after asset on Avenida de San Luis in a seperate sale and leaseback transaction.
The utilities company is following the lead of Spanish energy peers including Endesa and Iberdrola who recently divested properties to Merlin and Kutxabank respectively, to profit from Madrid's bouyant office market.
IBA Capital, which purchased Vodafone Espa帽a鈥檚 headquarters in Madrid just over a year ago, now adds the 32,000 m2 Gas Natural asset to its Spanish portfolio.
Gas Natural's other three Madrid offices, comprising around 25,000 m2, are still to be offered to the market with Drago Capital, Henderson Park and Has Capital all believed to be in the running for their acquisition.
