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Telefónica Sells an Office Building in Valencia for €16 Million

The property, which is situated between the Joaquín Sorolla train station and Plaza España, is located strategically in the centre of the Valencian capital.

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Telefónica is divesting in Valencia with the sale of its property at number 148 Calle San Vicente Mártir. The building, which spans around 8,000 square metres, is now owned by a Valencian family, which will rent it out to the Spanish educational group IMF Smart Education. The operation amounted to around 16 million euros, according to reports from Eje Prime.

Although initially, the communications company’s plan was to carry out the operation through a sale&leaseback arrangement, whereby it would have continued to occupy the property for a minimum of two years, in the end, it opted for a traditional sale. The transaction has been advised by the company Olivares Consultores.

Read the full article in Spanish.

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