Banks Ending Complex Sale of Castellana 200

6/03/2014 – Expansion

Santander, BBVA, Sabadell and Sareb decided to regain at least a part of the entire amount invested in the Castellana 200 complex in Madrid. The property, situated precisely at numbers 200 and 202 Paseo de la Castellana Street and adjacent to the Plaza de Castilla Square,  was put on sale last month.

The project includes two office buildings, a shopping center and a parking that are already constructed while the hotel area still requires development. The complex has been bailed out from listed Reyal Urbis in 2010 by granting a syndicated loan of €240.6 million by the banks.

Three years later, when Reyal Urbis fell under the hammer, the banks decided to sell the complex. (…) The deadline for non-binding offers expired and the finalists in the due diligence process are: Pimco, supported by Magic Real Estate in search of real estate opportunities in Spain, Anchorage and Perella Weinberg.

Asking price was set at €140 million, however the offers are said to propose much less. (…).

At the beginning in plans of Reyal Urbis, a third building was hosting a five-star hotel of their chain Rafael Hoteles. The plan ended up in failure (…) and now the target is to build an 11-floor hotel of 18.000 sqm, owned in 48% by the banks. (…).

 

 

Original article: Expansión (Rocío Ruiz)

Translation: AURA REE

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