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Canadian PSP & Drago Capital Buy Castellana 200

21/05/2014 – Expansion

The Castellana 200 office and shopping complex developed by Reyal Urbis and now controlled by the real estate firm´s lenders, has finally changed hands after one of the most dramatic sale processes witnessed over the past years.

Santander, BBVA, Sabadell and Sareb put up the complex for sale to recover at least a part of the amount lent to Reyal Urbis at the end of 2013.

As the name suggests, the property is situated at 200 Castellana street and consists of two office buildings, a 6.500 square meter shopping area and a plot for hotel use to develop.

Among the funds seriously interested in purchase of the complex, there have been such big name investors as Pimco, Perella and Anchorage which also made it to the final bidding. The latter was announced the winner, however a month after being awarded the project, Anchorage and its partner Rodex still did not provide the pledged sum. The two remaining final bidders withdrew their offers and the sale started from the scratch again.

Finally, a consortium led by Spanish Drago Capital, the owner of such buildings as the Miguel Yuste and the number 32 on the Gran Vía Street (both in Madrid) and Canadian fund PSP have acquired the property for €140 million. Altogether, they will invest €400 million in the Spanish market.

 

Original article: Expansión (by R. Ruiz)

Translation: AURA REE