Private Media Group is selling the first floor of its new Barcelona office building to help invest in its on- and offline content library, among other purposes.
The adult entertainment giant said June 21 they had a signed deal to sell the space, which brings to 37 percent the total of sellable office space Private has now sold. The deal for the first floor is about US$3.4 million, Private said, announcing the deal.
The company did not reveal who the buyer was at this writing. Private had previously sold the ground floor of the building.
"Following [our] re-evaluation of its need for additional office space and the subsequent decision to sell all, or a substantial part, of our Barcelona property," said Private chief executive Berth Milton in a statement, "taking advantage of the buoyant real estate market in the region, we are happy to see the market continuing to show interest in quality locations through this second sale."
Milton said the deal should prove valuable both to Private and its shareholders, since it shows "our ability to obtain additional funds from non-operating activities and, thereby, remove shareholders' concerns about cash flow during the past two years, [as well as] meeting future cash flow needs for the ongoing strategic expansion of our business."
Private said the first floor sale proceeds would also go to repayments on "costly financing not related to the property," though the company offered no details at this writing.
