Inbisa sold Butron Castle to a foreign investor for EUR 4,000,000

Inbisa sold Butron Castle to a foreign investor for EUR 4,000,000

Inbisa sold Butron Castle, located in the municipality of Gatica, 19 kilometers from Bilbao, for EUR 4,000,000. The attempts to sell the castle for EUR 3,500,000 were already at auction in 2014. However, after 7 years, it managed to conclude a deal 14% higher than the figure set earlier.

As it became known, the future owner will carry out the necessary reforms, preserving the unit. Now it has an excellent condition. Inbisa acquired it in 2005 for EUR 1,600,000 and it has been taking care of the castle's preservation ever since. The fortress was used as a venue for events, as a decoration for numerous commercials and television programs.

«The decision to sell was made as part of our policy of asset rotation and strengthening strategic directions. Despite the fact that this is a unique, important and historical property, it is not part of our core business, which is currently focused on the development of residential, industrial, logistics and tertiary facilities», Inbisa notes.

«Over the past few years, we have had several purchase offers. The new owners appreciated its attractiveness, the richness and diversity of the surrounding gardens and tree species, the unique design and history, and, as far as we were able to find out, they intend to restore it», they add.

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