US asset management giant Blackstone is reportedly on the verge of signing the acquisition of the Planeta headquarters in Barcelona for a price of €210 mln, or a yield of less than 4%.
Landlord Inversiones Hemisferio, a private company of the Lara family, had until September to find a buyer for the asset, which is leased to the Lara family's publishing house and media group Planeta.
The Spanish family had previously agreed to sell the asset to its creditor Banco Sabadell in exchange for debt coming to maturity at the end of September. The agreement valued the property at €170 mln, but also gave Inversiones Hemisferio a few months to find another bidder with a higher offer.
According to Spanish press reports, Lara's company recruited CBRE in May to find another buyer for the 27,000 m2 property located on the central Avenida Diagonal.
Planeta will lease back the entire property following the sale. It initially bought the asset in 2001 from BBVA for some €100 mln.