Mutualidad de la Abogacía, a non-profit insurance company that provides legal professionals and their families with solutions to cover all their retirement and savings needs, has announced the sale of BBVA’s iconic headquarters, located in number 12 Gran Vía in Bilbao, at ARGIS.
The transaction, which was advised by BNP Paribas Real Estate, was finalized for nearly 150 million euros, resulting in a significant capital gain for Mutualidad de la Abogacía.
The building is the regional headquarters of BBVA in Bilbao and the most important branch of the bank. Built in 1923, it has an area of 21,093 m2 divided into seven floors, a ground floor and two basements. The building underwent a complete renovation in 2009 and has been BREEAM® certified since July 2021. The transaction also includes 167 parking spaces spread over three sites near the building: Calle Ledesma 15, Calle Henao 5 and Calle Uribitarte 13. The asset is leased to BBVA until 2045.
Raphael NavasManaging Director of Mutualidad de la Abogacía, said at the closing of the transaction that “the sale of BBVA’s headquarters in Bilbao is one of the best examples of our investment strategy, which is based on the rotation of assets in the goal of generating meaningful returns for our members.
Alejandro Schuvaks, partner and co-founder of the ARGIS fund, said at the closing of the transaction: “The purchase of this asset is a very important step in the history of ARGIS and consolidates us as one of the main investors real estate in Spain. The asset is truly spectacular and offers many possibilities for alternative uses such as retail and hospitality, which we can easily explore through vertical integration with ARGIS Living, our developer.
Following the transaction, Mutualidad de la Abogacía has a total of 43 properties in its portfolio, with a total area of 195,093.12 m2 and a market value of over 742 million euros. She is also a shareholder of Millenium Hospitality Real Estate Socimi, Advero Socimi Properties, Inbest Prime IV Inmuebles and Inversa Prime Socimi (formerly Almagro Capital), where she also sits on the board of directors of the three entities, and in the real estate investment company Meridia IV fund and Ardian Real Estate European Fund II, among others.