FCC sells 3 assets for EUR 460m in major shake-up

woe, 04/01/2012

Spanish construction giant Fomento de Construcciones y Contratas (FCC) has sold three real estate assets for EUR 460 mln as part of a major resturcturing of its real estate division.

In the largest deal, FCC sold 157-metre Torre Picasso - one of the tallest skyscrapers in Madrid - for EUR 400 mln. The buyer was Pontegadea Inmobiliaria, the property firm owned by Amancio Ortega.

Ortega is Spain's richest man and founder of fashion group Indetex.

FCC also sold its Balmes property in Barcelona and Federico Salmón in Madrid in a single transaction for EUR 60 mln. The identity of the buyer was not disclosed. 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 m2 building will provide workspace for 1,450 employees.

The site, on the outskirts of Madrid, has permission for 21,000 m2 of offices and shops.