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Allianz RE Negotiates the Purchase of Castellana 200 for c. €250M

2 April 2019 – El Economista

The office and retail complex Castellana 200 in Madrid is on the verge of changing hands once again. Its owner, the pension fund of the Canadian armed forces, PSP, is negotiating its sale with Allianz Real Estate in a deal that could amount to €250 million.

The property is listed on the MAB through the Socimi Silvercode, which made its debut on the stock market in 2016. The company’s majority shareholder is Java International, (97.51%), which is in turn owned by PSP Britannia (87.76%) and Enavap Investments (9.75%). The latter is controlled by Luis Iglesias, founder of Drago Capital, which is the current manager of the complex.

Castellana 200 was last sold in July 2014 for €144 million, after opening its doors in April 2013. It is located on Paseo de la Castellana, just 300 m from Plaza de Castilla, and comprises two office buildings, spanning more than 20,000 m2, plus a shopping centre measuring 6,416 m2 and 817 parking spaces. There are also plans for a hotel in the pipeline with a surface area of 18,000 m2.

Through this deal, Allianz Real Estate, the strategic real estate division of the Allianz Group, would strengthen its position in Spain, a market it first entered in 2016.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake