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Idom sells headquarters in Madrid and Bilbao for €90M
08 May 2020 |

Engineering company Idom has just sold its Madrid and Bilbao headquarters for 90 million euro to Grosvenor and Catalana Occidente, respectively.

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The Madrid headquarters is located at number 4 Avenida Monasterio de El Escorial, it has 17.000 sqm, of which 10.000 sqm are offices. This acquisition is part of the British management company’s investment plan for Madrid, which has already reached 245 million euro. The purchase of MB One for 80 million euro from Blackstone last year is an example of that investment plan.

Idom’s Bilbao headquarters has 14.000 sqm and is located at number 23 Avenida Zarandoa. This asset is part of insurer Catalana Occidente’s portfolio, which also includes, for example, the Building at Las Tablas in Madrid, acquired last year.

According to newspaper Expansión, which reported the news this Thursday, these were sale&lease back operations, which means that Idom should continue occupying the assets. The price for each transaction should reach 45 million euro. Idom was advised, in this operation, by consultant Savills Aguirre Newman.