Ciudad Santander´s Owner Declares Bankruptcy

10/03/2014 – Expansion

Marme Inversiones, the company owning Ciudad Santander (a building complex hosting headquarters of Banco Santander) declared voluntary insolvency due to not being able to deal with a €1.600 million loan granted for the purchase in 2008.

The process may provoke changes in ownership of the campus in Boadilla del Monte (Madrid) that right now is in hands of two investors: Glenn Maud and Derek Quinlan through Spanish Marme Inversiones. (…).

Several banks and funds granted the credit to Marme that stated Ciudad Santander as collateral, which were: RBS, HSH Nordbank, Deutsche Postbank, CaixaBank, Raffeisen Zentralbank, ING and Bayerische Landesbank. (…). It is predicted that debt execution might take place via the property seizure by the creditors.

(…) However, other factors play an important role in the restructuring, as apart from a sindicated loan, Maud and Quinlan filed for a €200 million credit from RBS, this time with shares of Marme Inversiones as a collateral. In 2010, RBS sold the debt to Robert Tchenguiz and a fund from Abu Dhabi, Aabar Investments, for 80 millones. Another option is that Aabar and other investors interested in Santander´s premises (like China International Corporation) would present an offer to buy the property and pay the sindicated loan. The bank chaired by Emilio Botín has not been affected whatsoever. (…).



Original article: Expansión (Roberto Casado)

Translation: AURA REE