Caixabank hires CBRE to sell Madrid headquarters, source says

MADRID (Reuters) – Spain’s Caixabank has hired real estate firm CBRE to sell its headquarters in downtown Madrid after it moved part its operations to a tower it bought from rival Bankia last year, a source with knowledge of the matter said.

The source did not provide any detail about the potential price of the deal though local newspaper Expansion said the building could be worth between 230 million ($246.7 million) and 250 million euros.

The process to start receiving non-binding offers would start on Thursday. “The aim is to finalise a deal around August,” the source said.

Caixabank declined to comment, while CBRE was not immediately available.

The sale follows the lender’s acquisition of Bankia, which was based in a bigger and newer building in the north of Madrid on La Castellana avenue that has become a landmark.

($1 = 0.9324 euros)

(Reporting by Jesús Aguado; editing by Inti Landauro and Jason Neely)