Telefonica (TEF -0.4%) is thinking of selling its massive/iconic Madrid HQ as part of its...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (TEF -0.4%) is thinking of selling its massive/iconic Madrid HQ as part of its debt-reduction efforts, five sources tell Bloomberg. The HQ, which Telefonica tried to sell 5 years ago, has an estimated value of €1B ($1.3B); one source says Telefonica might lease back up to 90% of its space following a sale. Telefonica recently sold a 40% stake in its Central American assets for $500M to help lower its debt load, and is reportedly considering the sale of its Telecom Italia stake, China Unicom stake, and German wireline ops, as well as its Irish and Czech mobile units.