Telefónica sells Barcelona HQ to Filipino Billionaire

According to Alfonso Simón of CincoDías newspaper, Telefónica has agreed to sell its headquarters in Catalonia to Filipino billionaire Andrew L. Tan, who already owns Madrid’s Torre Espacio.

Andrew L. Tan is the Chairman of the Alliance Global Group, a diversified global conglomerate which, in addition to a substantial property portfolio, owns the Emperador spirits group which includes whiskey brands such as Whyte and Mackay, The Dalmore, Jura in addition to a portfolio of world-renowned brandies like Domecq and Fundador. The Filipino businessman has a net worth of $2.7 billion, according to Forbes magazine.

His property arm, Megaworld, is expected to pay €150 million for
the Barcelona property known as «Diagonal 00». The deal takes the form of a sale&leaseback operation as Telefónica intends to continue in the 34,000m² asset and honour its lease obligations until 2060.

The Spanish based telecoms multinational, which is chaired since 2016 by José María Álvarez-Pallete, purchased the building from state-owned CZF for more than €129 million in 2014. Now, five years later, Telefónica has seen an opportunity to reduce part of its debt with the funds generated by this divestment.

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