Sabadell reactivates the sale of its former headquarters in London | companies

Banco Sabadell has reactivated the sale process of its former headquarters in London, a building located at number 120 Pall Mall, between Trafalgar Square and Piccadilly Circus, owned by the Catalan entity since 1896. Bank sources point out that “the possible divestment of the asset is part of the space optimization strategy started last year”. In December 2021, Sabadell sold its emblematic Diagonal tower for 90 million euros. Sabadell shares stand out today more than 2.5 % in a bag.

The bank chaired by Josep Oliu assures that it wants to take advantage of the symptoms of economic recovery, especially in the United Kingdom, and “investor appetite” to resume the sale of its historic headquarters in the British capital. He has commissioned the consulting firm Knight Frank to search for potential buyers, mainly investment funds and large companies, and hopes to get between 20 and 25 million euros. The objective is the rationalization of spaces and the divestment of non-strategic assets.

Sabadell House, from 1931 and the work of renowned local architect Edwin Lutyens, was the British headquarters of the Catalan financial institution for almost three decades. In 2018 it was completely renovated to become a building with the original classical façade but a modern interior. It was then that Sabadell considered renting or selling it. It offers nearly 1,200 useful square meters distributed over six floors and two basements.

Banco Sabadell landed in the United Kingdom in 1986 through an operating branch in London. Its main activity is linked to commercial relations between the United Kingdom and Spain, serving both Spanish companies with subsidiaries in British territory and British companies with business in Spain.