18 August 2015 – Expansión
According to company sources, Telefónica has sold one property located in the central Madrilenian square of Santo Domingo and another on Calle Don Ramón de la Cruz, in the Salamanca neighbourhood, also in Madrid.
The divestment comes after the company completed the auction of five buildings last year as ‘Sale & Leaseback’ transactions. It is continuing to occupy those properties as the tenant for 7 years from the date the deeds were signed.
According to the company’s accounts, Telefónica España generated Operating Income before Depreciation and Amortisation (OBIDA) of €19 million during the first six months of 2015 from the extraordinary sale of buildings.
According to ‘El Confidencial’, which has disclosed this latest information, the company recorded revenues of around €42 million from the sale of the two aforementioned properties.
Similarly, the newspaper has reported that Telefónica will continue to occupy the first building as the tenant for a period of seven years. Once that contract term is up, the new owner may turn the property into homes.
Original story: Expansión
Translation: Carmel Drake
Source:: AURA Real Estate Experts