11/07/2014 – Expansion
In the first large real estate transaction of the KKH Property Investors (set up by ex-CEO of Renta Corporación Josep Maria Farré) and U.S. manager Perella Weinberg, the teamed-up companies bought yesterday the tower of Deutsche Bank situated at 111 Paseo de Gracia street in Barcelona.
According to sources with knowledge of the operation, KKH Property Investors and Perella paid around €91 million for the property to three Andorran families: the Ribas, the Reig and the Cerqueda. They purchased the building in 2002 for about €80 million.
Initially, the one who was interested in the bidding for the tower was fund Emin Capital, the same that acquired the Torre Agbar also in Barcelona, which consulted KKH Property Investors. However, facing the alliance of KKH and Perella, the fund left the auction.
The buyers´target is to convert the office building into a luxury, five-star hotel with commerce added. Currently, the property houses the Cuatrecasas lawyers office that will stay as its tenant until the end of 2016.
KKH Property Investors foresees spending €500 million on the real estate shopping.
Original article: Expansión (by S. S.)
Translation: AURA REE