The sale of Telefónica's former headquarters on Gran Vía has been finalised, reaching an approximate price of 200 million euros. Businessman Tomás Olivo is the new owner of the iconic building, which could change use after negotiations with the Madrid City Council.
Telefónica has completed the sale of its historic headquarters located on Gran Vía in Madrid to the Murcian businessman Tomás Olivo, known for his management of shopping centres in Spain. The information, reported by the publication expansion.com, reveals that the agreement was reached after a preliminary understanding on 21 May, although the details have been defined over the following months.
The price of the transaction is around 200 million euros, although a flexible pricing scheme has been agreed that could vary depending on the future use of the building. This property, inaugurated in 1930 and significantly renovated in 1987 and 1992, has been an icon of Madrid's Gran Vía.
Despite Telefónica's initial expectations, which valued the building at over 300 million, the deal was closed at a lower price due to complications related to the change of use of the property. Among the initial interested parties were several investment funds, but they withdrew or made lower offers due to these obstacles.
The building has great potential to house a luxury hotel complex, but the change of use will require negotiations with the Madrid City Council, which may require maintaining a percentage of the property for community use. Telefónica's most emblematic store, covering 2,800 square metres, will also be affected by this sale, as it is expected to close after the transaction.
Tomás Olivo, owner of General de Galerías Comerciales, currently manages several centres in Spain and is in the process of opening one in Valdebebas, Madrid. His experience in the commercial sector will be key to the future of the building.
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