London & Regional Properties, the private investment company of UK billionaire brothers Richard and Ian Livingstone, is in exclusive negotiations to acquire the headquarters of Spanish construction group FCC in Barcelona and Madrid, well-informed market sources have confirmed to PropertyEU.

The purchase, which was first reported by Spanish news website El Confidencial, would be the first investment in Spain for L&R Properties, which is present in 10 countries worldwide.

FCC is looking to sell the head offices through a sale-and-leaseback operation which is understood to be worth EUR 60-70 mln. The construction group announced last year that it planned to sell the assets in a bid to reduce its debt position. The company is expected to remain as occupier of the properties on a 20-year lease.

BBVA is advising on the sales process.

L&R Properties declined to comment.