Confusion About the Castellana 200 Purchase

28/03/2014 – El Confidencial

The sale of the Castellana 200 building complex is currently the talk of the town. It turned out that its buyer does not exist. Despite the announcement that the offer of €145 million presented by Anchorage was the best one, nothing is formally cofirmed for the reason that in fact the real purchaser is a half-created Socimi promoted by Rodex, a Spanish consultant firm.

At the final stage of sale, Anchorage was assumed as the buyer. However, one shall look back at the Copernicus Operation (Eurohypo´s credit portfolio sale at the end of 2012) where the Australian fund together with Scandinavian Värde were backed financially by Luis López de Herrera-Oria from Rodex (who also supported Prima Inmobiliaria, Alza Real Estate…). The scheme was to be repeated at the Castellana 200 acquisition.

Thus, Anchorage is one of investors of a Socimi embracing property worth of €1 billion and forged by Rodex. Hipotetically, according to plans made by López Herrera-Oria, the Australian fund will be assisted by other first-class investors, like CitiMorgan Stanley and Bank of America. 

The newly created Socimi was about to debiut with purchase of one of the few remaining jewels in Madrid and by doing so attracting more investors that feverously search property market nowadays. However, the problem is that Rodex will not make it on time, before the deadline set by the complex´s owners (BankiaSabadellSantander,BBVA and Caixa).

The whole fuss gives an opportunity to Perella and Pimcoother finalists in the bidding that now could acquire the property for less than €145 million. “Plans have been mistaken for reality”.

The tension reached the boiling point because of the looming threat that the offer issued by Rodex and assumed as the winning one will not be formalized. Moreover, Spanish reputation also hangs by a thread as there are other 22 bidding offers waiting in the queue and other units for sale (for example the Castellana 89 building).

Now, as the real estate market revived again, every transaction seems possible. Given that the purchaser exists.



Original article: El Confidencial (Carlos Hernanz)

Translation: AURA REE