BBVA sells its headquarters in ParisApril 18, 2013
Acquired in 1919, sold for €32 million
BBVA has sold its Paris headquarters to a financial investor for €32 million. BBVA, which acquired the building in 1919, will continue to lease this emblematic building. The sale forms part of the group's strategy initiated six years ago to streamline its real-estate portfolio.
BBVA France announced today it has signed a sale-and-leaseback agreement to sell its Paris headquarters to a financial investor for €32 million. Located at 29 Avenue de l'Opéra very close to Louvre Museum, in one of the most sought-after districts of the French capital, BBVA's headquarters in France occupies 2,000 m² of floor space.
This operation is part of BBVA Group's strategy initiated six years ago to optimize its real-estate portfolio worldwide, by sales and lease back agreements.
"Selling our historic headquarters in Avenue de l'Opéra at the height of the real-estate market is an excellent operation," reveals François Wohrer , Head of BBVA in France. "The operation fulfills the Group's objectives: to materialize capital gains on the book price of a historical building acquired in 1919, and earmark the value of the asset to funding new investments. With this operation also BBVA's real-estate portfolio in France will be optimized."
CIB Communications & Brand
Tel. +34 91 374 33 00
For more financial information about BBVA visit:
For more BBVA news visit: http://press.bbva.com/