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real-estate-transactions Market News: Spanish Real Estate Intelligence

Grosvenor Purchases the MB One Building in Madrid for €80M

15 April 2019 - Eje Prime

Grosvenor has reached an agreement with Blackstone to acquire the MB One building, known for housing Citi’s headquarters, in La Moraleja (Madrid) for €80 million.

The US fund currently owns the property through Chameleon, a company that has put all of its assets up for sale.

MB One has a surface area of 22,129 m2, distributed over four modules and five storeys.

This represents Grosvenor’s return to the office market and accompanies its activity in the luxury residential market in Spain, where it plans to invest €200 million in projects in the neighbourhoods of Salamanca and Chamberí.

Original story: Eje Prime

Translation/Summary: Carmel Drake

 
Allianz Acquires the Castellana 200 Complex for €250M

12 April 2019 - Expansión

Allianz is going to be the new owner of the Castellana 200 office and retail complex located just a stone’s throw from Plaza Castilla in Madrid. The Socimi Silvercode, in which the Canadian pension fund manager PSP and Drago Capital both hold stakes, is going to sell the property to Allianz Real Estate for €250 million, five years after buying it from Reyal Urbis for €144 million.

The complex, which was developed by Reyal Urbis in 2009, comprises 20,295 m2 of office space, 6,415 m2 for commercial use and 844 parking spaces. It has additional buildability of 14,000 m2 for a hotel or residential project, which is currently suspended, although that space is excluded from the operation. Castellana 200 is currently managed by Drago Capital.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake

 
The Russian Group 'Golf Estate' Purchases the San Roque Golf Club

5 April 2019 - Europa Sur

The Russian company Golf Estate has acquired the golf course and clubhouse at The San Roque Club, located in the urbanisation of Sotogrande, in the province of Cadiz.

The company plans to make significant investments in the course, including reforming one of the two courses (the Old Course) and converting the iconic Tony Jacklin clubhouse into a boutique hotel.

Golf Estate is a golf development and marketing company and is the largest intermediary of golf operations and management in Russia.

The news of the purchase has been welcomed by the mayor of San Roque, Juan Carlos Ruiz Boix (pictured above) as it means that the jobs of the golf course's 52 employees will be guaranteed.

Original story: Europa Sur (by Alberto Rodríguez)

Translation/Summary: Carmel Drake