Deals
Madrid to Auction 11 Buildings in Plan to Cut Deficit
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Madrid’s regional government will try to sell 11 buildings in an auction today, according to a document obtained by Bloomberg News, part of a plan to sell 100 properties over three years to cut its deficit.
The buildings have combined space of 17,500 square meters (188,000 square feet) and are valued at 32.5 million euros ($43 million), the document shows. If no bids are made, a second auction will be held in two months at which the properties will be offered at a 15 percent discount. If that fails to attract buyers, the price is again cut by that amount in a final auction. Most of the properties are office buildings.