FIATC insurance invests in Valencia office sale & leaseback.

Advised by CBRE, BBVA has sold a historic building on nº1 Calle Pintor Sorolla in Valencia to FIATC insurance group.

The property, which was built in the 1960s, was originally the Valencian headquarters of Spain’s Banco Exterior and has a GLA of 10,250m2 distributed over 12 storeys. With this sale BBVA has managed to close a sale process which started in 2011 during the liquidity crunch of the Great Recession. The Madrid-based bank will remain as tenant in the first seven floors of this asset having signed a long-term lease contract.

BBVA plans to house its flagship Valencian office in the first three storeys including a new Customer Banking Center which will take over 2,000m2. The financial group’s eastern HQ will occupy the next four floors.

About FIATC

Fiatc Mutua de Seguros y Reaseguros a Prima Fija S.A. provides insurance services. It offers health, personal, and property insurance services. The company provides life, vehicle, home, business and leisure insurance amongst other business lines. It also provides residential facilities for elderly citizens. The company was formerly known as Mutua de la Federación Industrial del Autotransporte de Cataluña. Fiatc Mutua de Seguros y Reaseguros a Prima Fija S.A. was founded in 1930 and is based in Barcelona, Spain.

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