New York-based alternative investment manager Angelo Gordon has acquired BBVA's former HQ building in Bilbao for a price of €85 mln, PropertyEU has learned.
According to sources familiar with the transaction, the asset at number 1 Gran Vía in Bilbao is earmarked for Angelo Gordon's second European realty fund, AG Europe Realty Fund II which in May this year raised $843 mln (€704 mln) in equity commitments, exceeding its $750 mln target.
Angelo Gordon has been in negotiations with BBVA on the asset since before summer. It is by far the group's largest investment in Spain to date, with recent purchases including the Hotel Dolce Sitges in Barcelona which was bought last year from Oaktree for €40 mln.
The 21-storey tower, to be known as Torre Bizkaia, provides 23,000 m2 of office space. The new owner is believed to have two new tenants - fashion retailer Primark and the Bilbao government - lined up to occupy the asset on new 30-year leases.
Angelo Gordon declined to comment.
Angelo Gordon’s first AG Europe Realty Fund closed in 2014 with $570 mln in commitments. Since 2009, the firm has invested in $2 bn of assets across 42 transactions in Europe.