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Mapfre has stepped in to acquire real estate buildings to Banco Popular

Mapfre already has expressed its interest to Banco Popular regarding the future of the main buildings that make up the Spanish portfolio, and among which are several trophy assets that will undertake lots of interest in the market.

One week after Santander has bought Banco Popular for the symbolic price of one Euro, began the race to the real estate assets owned by the Spanish Bank. According to the Spanish daily El Confidencial, the major “patrimonialists” in the country started the moves to buy some of the «crown jewels» owned by Banco Popular.

One of the first to play the cards was Mapfre Corporación, expressing its interest to Banco Popular in order to know the assets that may be placed on the market. Several sources ensure that the main goal of the insurance company is the new headquarters, which Banco Popular is finish building at Calle Juan Ignacio Luca de Tena. However, the Spanish insurance company denies this information.

Besides this «financial city», with circa 100,000 m² for offices, 20,000 m² for services and 1,500 parking spots,  Banco Popular, now controlled by Santander, is also owner of another building at Calle Abelias 1, right across the new headquarters. Built five years ago, this real estate has 54,000 m² divided in six floors above the ground, a ground floor and three basement floors.

According to the auditing accounts, the real estate investment made by Banco Popular in these two buildings raised up to €245M.

In the Spanish market is well known the Mapfre’ interest to invest in good properties and incomes, as well as its intention to close a great transaction in 2017, since its last acquisition deal goes back to the Summer of 2015, when has bought n.º 6 of Plaza de la Independencia de Madrid for €82M, in front of Puerta de Alcalá. Meanwhile, two months ago and in the scope of assets turnover, the insurance company sold its headquarters in Madrid to GMP, for €72M, whose offices should leave the financial year. This increase the rumors forecasting a major acquisition.