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Riu Negotiates Sale of Retail Space in Edificio España to Corpfin

22 August 2018 – Eje Prime

Riu is taking action and, after falling out with Baraka, it now has a potential buyer for the retail space in Edificio España. The hotel chain is finalising the sale of this space in the property, which spans a surface area of 15,000 m2, to the Spanish Socimi Corpfin Capital.

On Tuesday, the Baraka Group announced that it is going to file a lawsuit against Riu for the hotel chain’s refusal to recognise in the deed the 15,000 m2 of retail space that had been promised to the company Baraka Renta following the sale of the building last year. Moreover, the real estate company has demanded that the renovation work on the building, which began in the autumn of 2017, be suspended.

Following the breakdown of the agreement, Riu is now finalising the sale to Corpfin, which, in the event that it goes ahead, will acquire an asset that will be worth €200 million once the renovation of the property has been completed, according to Expansión.

Corpfin Capital has been extremely active in recent months. Just a few weeks ago, the Socimi led by Ana Granado purchased two prime stores from El Corte Inglés in Madrid and Bilbao for €100 million, as reported by Eje Prime. Moreover, in the logistics sector, the company invested €8 million in the acquisition of an asset from Makro.

On the divestment side, in July, Corpfin completed the sale to the fund Swiss Life of thirteen retail premises for €83 million. That operation was carried out through the two Socimis that the company has listed on the Alternative Investment Market (MAB): Corpfin Capital Prime Retail II Socimi (Ccpr II) and Corpfin Capital Prime Retail III Socimi (Ccpr III).

Original story: Eje Prime 

Translation: Carmel Drake