Spanish property company Metrovacesa has sold a portfolio of Madrid assets worth some EUR 122 mln to French group Continental Property Investments.

In a statement to the Spanish stock market regulator, Metrovacesa said the portfolio comprises a number of assets known as the Triángulo de Princesa, which includes two hotels operated by the Husa hotel chain, Husa Princesa and Husa Moncloa, as well as a 5,000 m2 office building and several retail units.

Metrovacesa, which is in the process of renegotiating terms on its EUR 6 bn of debt, said that the disposal is generating a capital gain of EUR 51 mln. DTZ advised the buyer.