Acquisition

Banco Bilbao Vizcaya Argentaria SA
19 June 2007

                    Gmp buys the BBVA Tower at Castellana 81



  BBVA buys the Foresta Business Park from Gmp, where it will develop its new
                           Corporate Center in Madrid



•  In 2010 the Bank will start moving its 6,500 staff in Madrid to the new
   Corporate Center

•  The Gmp real estate group strengthens its property portfolio in downtown
   Madrid with four buildings located at Castellana 81, Alcala 16, Goya 14 and
   Hortaleza-Via de los Poblados

•  The Bank will retain the exclusive right to display its signs on the 
   Castellana 81 Tower for 20 years, and will keep its branches in this building
   and in Goya 14 and Alcala 16

•  With this acquisition, Gmp consolidates a portfolio with over 363,482 m2
   of offices in operation in Madrid

•  BBVA obtains gross capital gains of approximately €300m with the sale of
   these four buildings in Madrid

•  The new BBVA Corporate Center will be located on the A-I, one of the newly 
   developed areas in the city of Madrid, 2 km from Plaza Castilla and easily
   accessible by public transport and by road

•  The BBVA Corporate Center, which will extend over some 100,000 square meters 
   and include several buildings, breaks with the closed campus concept and
   with the skyscraper model

•  BBVA will achieve annual savings of 32% in its current real estate operating 
   expenses in Madrid after investing over €700m in a project which offers high 
   property liquidity



Under an agreement signed today by BBVA and Gmp, the Bank will purchase the
Foresta Business Park, located in a newly developed area in the north of Madrid,
where it will build a new Corporate Center for its 6,500 staff in Madrid as of
2010, which will result in considerable cost savings (32% a year) and a
significant improvement in work spaces. In turn, the real estate firm Gmp will
buy some of the Group's main buildings in Madrid, including the BBVA Tower at
Castellana 81, which will nevertheless retain the BBVA signs and a branch
office. With this operation, Gmp strengthens and diversifies its property
portfolio with new and distinctive buildings in the center of the capital.



This operation, which is awaiting various administrative authorizations and
formalities, represents a significant change with regard to the current
situation of BBVA in Madrid. The Bank's 6,500 employees in Madrid are currently
dispersed in more than 10 buildings but will start the move to the new Corporate
Center in 2010.



BBVA: a bespoke project offering high property liquidity



The project meets the conditions set out by the Bank when it considered the
various options available. The new BBVA Corporate Center on the A-1, which will
extend over some 100,000 m2 and include several buildings, is easily accessible
by public transport and by road in a completely developed area, 2 km from Plaza
Castilla and a few minutes from the center of the city and the airport.



It is also based on a horizontal and flexible approach which represents a
departure from the closed campus concept and the skyscraper model. Unlike the
current situation and other proposals available on the market, this provides
total property liquidity, meaning that each of the buildings on the Park may be
sold or rented out separately.



Under the agreement signed with Gmp, BBVA will purchase the plot that was
originally intended for the well-known Foresta Business Park, which is under
construction. Once it has been purchased, the Bank will define its own bespoke
project on the land, although it may make use of the buildings being erected. CB
Richard Ellis and Lovells have given professional advice to BBVA on the entire
operation, including the location of the building land and the due diligence
process.



The total investment expected for the project will exceed €700m, including the
purchase of the Business Park in its present state, the definition of a new
bespoke project for BBVA, and the construction and fitting of the Center's
buildings.



With this project, the Bank will clearly improve its efficiency and
productivity, since the existence of more than 10 buildings represented a
considerable cost in terms of staff commuting time, not to mention the greater
difficulty and inconvenience in their day-to-day work.



The project will also result in significant cost savings in real estate in
Madrid. Without factoring in the current cost in staff commuting time, the
project represents annual savings of 32% in property operating expenses.



In short, with this change BBVA will put an end to the dispersion of its staff
in more than 10 buildings with a solution that will be convenient for the
employees, efficient for the Bank and flexible from the real estate perspective,
offering total liquidity.




Gmp has signed an agreement to purchase four distinctive buildings from the Bank
at Castellana 81, Alcala 16, Goya 14 and Hortaleza-Via de los Poblados. At
Castellana 81, BBVA will keep the exclusive right to display its signs on the
top of the Tower for 20 years. And the branch offices in this building and in
Goya and Alcala will continue to serve the Bank's customers.



The sale of these four buildings will provide BBVA with capital gains before
taxes of around €300m.



Gmp Sociedad de Inversiones Inmobiliarias: growth strategy



The operation, which means the acquisition of 108,807 m2, fits the Gmp Group's
strategy, aimed at buying outstanding assets in prime locations where it can
offer its tenants infrastructures equipped with quality services. Aguirre
Newman, Clifford Chance and Nmas1 have given professional advice to Gmp on
carrying out this operation.



With this purchase, Gmp strengthens its position in the office market in Madrid,
especially in the prime area and in the Recoletos-Castellana district. In total,
the group owns 363,482 m2 of office space in the capital, of which more than
half (197,885 m2) are located in Madrid's downtown and business district.



Gmp already has an extensive portfolio of buildings in operation at Genova 27
(ING's current headquarters), Luchana 23, Hermosilla 3 (where Garrigues have
their central office) and 11, next to Plaza de Colon, and Orense 34, very near
Paseo de la Castellana, among others. In the north of Madrid, it owns two
Business Centers, 'Parque Norte' facing the M-30, where Sun Microsystems, Thales
and Ferrovial have their headquarters, and 'Castellana Norte' in the Las Tablas
district, which houses the central offices of Vodafone.



The BBVA Tower at Paseo de la Castellana 81 is a true landmark and one of the
most representative buildings in Madrid. With a height of over 100 meters, this
building designed by the architect Javier Saenz de Oiza has a total surface area
of 49,701 m2 distributed over 30 floors. It is located in the heart of the
Madrid business district and in a major shopping area easily accessible by
public transport.



Founded in 1979, the Gmp real estate group is one of the leading property
companies in Spain. The group focuses mainly on investment, development and
management of real estate assets, with special emphasis on offices and business
parks. At present, Gmp owns over 392,000 m2 in offices in operation in Madrid,
Valencia and Barcelona.



More information:

BBVA Corporate Communication              Gmp Press Contact:
[phone]                            KETCHUM/S.E.I.S.- [phone]
                                          Isabel Luque/Victor Acero
                                          [e-mail]
                                          [e-mail]




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