Home » Business » Real Estate
Spain eyes sale of 100 sites to raise cash
Source: Bloomberg News |
November 9, 2012, Friday
|
Print Edition
Print Edition
THE Spanish government is considering a sale of a small, century-old palace in the heart of Madrid's business district as part of a plan to raise cash from 100 prime properties, a person with knowledge of the matter said.
Castellana 19, built in 1903 and later used to house Spain's stock-market regulator, would be sold outright rather than leased, said the person, who asked not to be identified as the plan's details aren't public. The property was valued at 28.7 million euros (US$37 million) in 2010, the year before the regulator moved out. The government said last month it had selected 100 buildings that could be privatized by the end of 2016.
The properties, mostly in Madrid, will be sold outright or leased for as long as 30 years, the person said. They won't be part of sale-and-leaseback deals because that would be too costly for the state in the long term, the person said. Spain is seeking to generate more money from its real estate as it tries to avoid following Greece, Ireland and Portugal by requesting a full bailout.
Another small palace, owned by the Economy and Finance Ministry, may be leased, the person said. The historically protected property was built in the 1920s. It was purchased by the state in 1928 and became the Spanish National Research Council's library in 1952.
A Budget Ministry spokesman in Madrid said officials are still working on the plan and no decision has been made on the assets to be sold.
Prime Minister Mariano Rajoy is struggling to cut Spain's budget deficit and trim borrowing costs.
Castellana 19, built in 1903 and later used to house Spain's stock-market regulator, would be sold outright rather than leased, said the person, who asked not to be identified as the plan's details aren't public. The property was valued at 28.7 million euros (US$37 million) in 2010, the year before the regulator moved out. The government said last month it had selected 100 buildings that could be privatized by the end of 2016.
The properties, mostly in Madrid, will be sold outright or leased for as long as 30 years, the person said. They won't be part of sale-and-leaseback deals because that would be too costly for the state in the long term, the person said. Spain is seeking to generate more money from its real estate as it tries to avoid following Greece, Ireland and Portugal by requesting a full bailout.
Another small palace, owned by the Economy and Finance Ministry, may be leased, the person said. The historically protected property was built in the 1920s. It was purchased by the state in 1928 and became the Spanish National Research Council's library in 1952.
A Budget Ministry spokesman in Madrid said officials are still working on the plan and no decision has been made on the assets to be sold.
Prime Minister Mariano Rajoy is struggling to cut Spain's budget deficit and trim borrowing costs.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
