British Fund Signal Capital Partners Offers €30M+ for Duro Felguera’s HQ

7 February 2018 – Eje Prime

The sale of the headquarters of Duro Felguera in Madrid could be on the verge of being signed. The Asturian company has received an offer for more than €30 million from the British investment fund Signal Capital Partners. And the company has already requested a due diligence, according to El Economista.

Before Signal, the Duro Felguera building, located at number 7 Calle Vía de los Poblados in the Spanish capital, had been courted by two other interested parties: Banco Sabadell and Sandra Ortega, one of the daughters of the Inditex founder.

Two months ago, the Spanish bank offered €33 million for the building, but it seems that neither its bid nor the €38 million that Sandra Ortega (…) placed on the table convinced the Asturian group. In the case of Ortega, the economic proposal was accompanied by one condition: the rental of the asset for ten years, at a price of €2 million per year and a seven-year deposit, according to Vozpopuli.

Duro Felguera, which is on the brink of filing for creditors’ bankruptcy, has until 15 April to reach an agreement with the banks to restructure its debt, which exceeds €900 million. For that reason, the company is particularly keen to complete the sale of this asset.

If the fund reaches an agreement, it would represent Signal Capital Partners’ second operation in Spain. In 2017, it took part in the purchase and remodelling of Aparthotel Orquidea, an establishment located in Ibiza, with a surface area of 12,000 m2 and 198 rooms.

Original story: Eje Prime

Translation: Carmel Drake

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