The Picasso Tower was purchased by Pontegadea Inmobiliaria for 400 million euros, FCC, as the Madrid-based company is known, said in a statement today. It also sold its corporate offices in Barcelona and Madrid for 60 million euros.

FCC said in a separate statement that its estimated capital gain before taxes from the asset sale was 180 million euros. Proceeds from the sale will be used to cut debt, it said.

Pontegadea Inmobiliaria is a real estate investment company run by Amancio Ortega, the founder and biggest shareholder of Inditex SA (ITX), the world’s largest clothing retailer and owner of the Zara brand.

Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s second-largest lender, and Aguirre Newman were FCC’s advisers on the transactions, the company said.

FCC’s shares (FCC) have climbed 2.2 percent this year, compared with a 14 percent decline for the IBEX 35 Index. The company is valued at 2.56 billion euros.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

http://www.bloomberg.com/news/2011-12-29/spain-s-fcc-sells-real-estate-including-picasso-tower-for-595-million.html

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