Transaction / Assets Seller Buyer € MM
Alicia Koplowitz Buys an Office Tower in Barcelona From Bankrupt Monteverde
11/07/2014 – Vozpopuli
The biggest opportunities on the Spanish real estate market are not only snapped up by vulture funds and foreign investors. Alicia Koplowitz, through her investment vehicle Omega Capital, has just bought an iconic office building in Barcelona known as Torre Tarragona, from now insolvent Grupo Inmobiliario Monteverde.
Monteverde carried out several transactions (e.g. it bought the old Barcelona headquarters of Banesto and three units located on Madrid´s Plaza de España Square purchased from Renta Corporación for €110 million) at the beginning of the last decade and could not redeem the expiring loans.
The situation pushed the real estate group towards bargain asset auctions, at once spotted by the market experts.
The 27.000 square meter property which rises 19 floors up was bought in 2006 by Grupo Inmobiliario Monteverde from a property managing branch of Credit Suisse for around 90 million euros.
In a desperate step to dodge the total bankruptcy when the recession hit, the company tried to sell the properties in Madrid, put together in the “Copernicus” portfolio, to Colonial. However, the operation have not materialized due to Colonial´s own solvency troubles.
The three buildings have fallen in hands of British funds, while the property in Barcelona was acquired by Inditex belonging to Amancio Ortega. Finally, the Torre Tarragona tower was purchased by Omega.
Original article: Vozpopuli (by Raul Pozo)
Translation: AURA REE