27/03/2014 – Expansion
Anchorage Capital, an opportunistic fund from the United States, have been present on the Spanish property market since last year when it bought a stake in Viscofán and a half of La Seda´s credits.
This week the fund acquired the Castellana 200 complex that has invoked huge interest since being put up for sale by Santander, Sabadell, BBVA and Sareb. The property is located on the street of the same name and consists of two office buildings, a shopping center, a parking lot and developable hotelier area.
Anchorage outbid other seriously interested international investors like Pimco and Perella (…) with final price settled at €145 million.
The transaction will allow the banks to recover at least a part of the amount invested in the complex construction. (…). The auction has been conducted by CBRE and Knight Frank.
Santander, Sabadell, BBVA, Banco de Valencia and Bankia inherited the property in 2010 throught debt execution from insolvent Reyal Urbis. The two latter shed their part by granting it to Sareb. (…).
Anchorage will manage Castellana 200 together with Alza Real Estate (…). The complex started to operate at the beginning of 2013 when two tenants moved in: CBRE and Orangina Swcheppes. Right now the trading area of 6.500 square meters (8.500 sqm constructed) is occupied in 95%. The parking, offering 400 spaces, is completely developed.
What is more, the complex cosists of a hotel area that requires development. The lending institutions wish to keep 48% of the future hotel.
Experts reckon that the 18.000 square meter plot that hosts the property may not be enough for a five-star, 11-floor hotel as originally planned. The Rafael Hoteles chain is going to manage already finished unit.
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE