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BBVA sells 14 office buildings for more than €300M

BBVA recently announced the sale of a portfolio of 14 office buildings in Spain, with a total area of approximately 116,000m2, for more than 300 million euros. 

According to the Spanish journal Expansión, the company explained in a press release that this transaction, named Project  Boston, is taking place in the "positive climate” of the real estate market and adds to the reinvestment of  3,500 properties from Project Buffalo, announced last February. This transaction is in line with BBVA’s strategy to reduce their real estate product.  

BBVA has not revealed the buyer’s name, but has stated that the gross value is more than 300 million euros.

The same source says that the properties, with areas of between 1,000 and 24,000 square metres, are situated in  Cataluña (eight units), Madrid (five) and the  Comunidad Valenciana (one).