Capital manager Argis agreed on Friday to buy the Torre Sevilla skyscraper from Caixabank, an operation that includes the shopping center adjoining the building in the Andalusian capital, in exchange for an amount between 135 and 140 million euros, according to sources close to the transaction. The sale of the tallest building in the city (also known as Torre Pelli, named after its architect, César Pelli), will be finalized in the first quarter of the year after completing the legal procedures, since Caixabank will retain ownership of the CaixaForum cultural center managed by the La Caixa Banking Foundation and located in the same complex, as Argis reports in a press release.
The Cajasol Foundation and businessman Tomás Olivo had participated in the tender for the 185-meter-high, 39-story skyscraper, but ultimately Argis reached a price with the Catalan entity for the skyscraper complex including offices, a luxury hotel, a shopping center and an underground parking lot.
The capital manager, which owns 1.3 billion in assets in Spain, highlighted that this acquisition allows it to add “an emblematic and already stabilized asset” to its real estate portfolio, which reinforces its strategy of “unique assets” with 120,000 square meters in the national market. Argis already operates an asset in Malaga, which is why it is also expanding its presence in Andalusia. While the manager benefited from the legal and financial advice of Tornos Abogados and Ugarte Rebollo y Asociados, the Cuatrecasas law firm advised CaixaBank.
Torre Sevilla was inaugurated eight years ago at the southern entrance to the Isla de la Cartuja in Seville, before the entrance to the Sevilla Tech Park and is an economic and commercial office center, with a five-star hotel on its top floor. The building has 100,000 square meters built on 39 floors, with an occupancy of more than 95% of its surface area.
The first 18 floors of Torre Sevilla have 31,000 square meters of offices occupied by large companies such as Ayesa, Orange and Deloitte. The upper floors include the 244-room, 25,000 square meter Eurostars Torre Sevilla hotel, operated by the Hotusa chain. For its part, the shopping center located at its base has 26,700 square meters of rental space and 42,000 built surfaces, a three-story underground car park and a green space of 40,000 square meters.
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