Telefónica sells Madrid headquarters to Tomás Olivo

Telefónica has completed the sale of its iconic Madrid headquarters to businessman Tomás Olivo for less than €200 million. The final price was notably lower than the company’s initial target of €300 million.

The sale is part of a broader divestment strategy led by President Marc Murtra, aimed at shedding non-strategic assets to reduce debt and increase liquidity for new investments. Through various corporate operations, the telecom giant has already generated approximately €1 billion.

Tomás Olivo, who manages a network of shopping complexes through General de Galerías Comerciales (GGC), acquired the property following a competitive bidding process that included several other investment groups. The building, inaugurated in 1929, is subject to high-level heritage protection by the Madrid City Council, requiring the preservation of its architectural and decorative elements.