Beraunberri and Onchena pre-agree on the purchase of the Torre Bizkaia

Beraunberri, investor group of Jose Galindez, and Onchena, the family’s investment vehicle Ybarra Careaga, have closed a pre-agreement with the investment fund Angelo Gordon and with Talus Real Estate for the acquisition of the Torre Bizkaia.

After the operation, which will be closed definitively in the coming weeks, the new owners will give entry to groups of interested investors. Sources from the real estate sector have indicated that the price of the property ranges between 165 and 175 million euros.

In a statement, José Galíndez and Álvaro Ybarra, president of Onchena, have affirmed that the purchase of this emblematic Bilbao building is a “good operation, which presents interesting profitability ratios”.

“A decisive factor for the closing of the operation has been that the building has solvent tenants with long-term lease contracts that make the investment very attractive,” they added.

The tower, located on Bilbao’s Gran Vía, has 21 floors and 88 meters high and it was the headquarters of the Banco de Vizcaya.

Currently, and after the sale of the property by the BBVA to the investment fund Angelo Gordon and Talus Real Estate, the building has as tenants the Biscay Provincial Council, to the Irish multinational Primark and to BBVA itself.

Precisely this past Monday, the deputy general of Bizkaia, Unai Rementeria, announced that the International Entrepreneurship Center de la Torre Bizkaia will be launched next September under the name BAT (B Accelerator Tower) and four floors available, although its objective is “to grow to 10,000 m2”.

Some thirty large companies have already confirmed that their innovation teams will be in these facilities.