Spanish real estate company Inmobiliaria Colonial is carrying out a series of disposals to reduce the company's debt of EUR 8.9 bn. The property giant has agreed to sell an office building in Madrid to ING RE for EUR 80 mln and is selling assets in Barcelona to Spanish peer Hemisferio for EUR 55 mln. The Madrid asset is located in the Moraleja district and consists of 22,043 m[sup]2[/sup] of space entirely leased to CitiBank. Colonial is also selling a plot of land that is part of the Valdebebas development in Northern Madrid for another EUR 20 mln.
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