Idom in talks to sell €90m of Spanish offices

The two buildings in Madrid and Bilbao are expected to be sold under sale-and-leaseback structures for a total of around €90 mln.

Basque independent engineering firm Idom is understood to be negotiating the sale of its headquarters in Madrid and Bilbao in a sale valued at €90 mln.

Idom instructed agent Savills Aguirre Newman earlier this year to find a buyer for the properties, which provide over 30,000 m2 of office space. Under the planned sale-and-leaseback, the company will continue to occupy the assets on 25-year leases with a break option after 15 years, according to those who track the market.

The assets are expected to be sold separately, with the Madrid asset appealing to both local and international investors while the property in Bilbao is expected to draw interest from local players.

Idom will re-invest the proceeds in its core business.

The property in Bilbao provides around 14,000 m2 of office space and houses 800 employees of the group. The Madrid asset was developed in 2011 and provides around 10,000 m2 of space in the upper floors as well as 7,000 m2 below ground.

Savills Aguirre Newman declined to comment on the process.

The assets are the latest corporate headquarters to be put up for sale. Onix Capital Partners has just launched the sale of two office buildings in Madrid through agent CBRE. The Latin American asset manager is selling the head office of Santander Global Tech in Alcorcón, as well as the headquarters of HP in Las Rozas.

The properties, which are expected to fetch around €135 mln, are said to have drawn interest from a dozen investors.

The sale is expected to complete before year-end.

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