Overview
- Telefónica agreed to sell the Gran Vía 28 building to General de Galerías Comerciales, controlled by Tomás Olivo, for about €200 million, closing below earlier valuation targets.
- The buyer will inherit the building’s top-level protection status, Nivel de Protección 1 en Grado Singular, which legally requires preservation of original form and decorative elements and limits redevelopment options.
- Telefónica will retain the Espacio Fundación Telefónica cultural space and the Movistar flagship store on the ground floor under arrangements with the new owner.
- The sale followed a competitive auction that drew international and domestic bidders and saw interest narrow after Madrid municipal regulatory limits reduced several offers.
- The transaction is the latest step in Telefónica’s program to monetize non-core assets and cut debt, building on prior disposals of Latin American operations and other real estate sales.