Telefonica Is Said to Weigh Sale of Its Iconic Madrid Building

Telefonica SA is considering the sale of its former headquarters in downtown Madrid, following an unsolicited approach for the asset, according to people familiar with the matter.

The company has held internal discussions over opening a sale process for the building, which could have a value of between €250 million ($291 million) to €300 million, said the people, who can’t be named as the matter isn’t public. No decision has been taken and Telefonica is unlikely to start a sale process imminently as it’s in the midst of a major strategic review and has a solid cash position.