17 April 2020 – Brainsre.news
The Socimi Inbest Prime, owner of the commercial space on the lower floors of the emblematic Madrid building, is considering reducing the commercial area to ensure its rental income.
It was the great retail operation in the centre of Madrid. Inbest Prime II, the commercial asset Socimi created by the Spanish manager Corpfin Capital, reached an agreement with the hotel chain RIU at the beginning of last year to buy the commercial space in one of the most emblematic projects that was being developed at the time in the capital: Edificio España.
The famous skyscraper located in Plaza de España had been in disuse for more than a decade until the Chinese group Dalian Wanda decided to buy it in 2017 from its then-owner, Banco Santander, with the aim of recovering its former use as a hotel. However, the problems associated with its refurbishment, including the refusal of Madrid City Council to allow the dismantling of its protected façade, led Wanda to withdraw from the project. The Mallorcan hotel group RIU took it on and months later, in January 2019, reached an agreement with Inbest Prime II, the Socimi created by Corpfin Capital, to sell the lower floors of the building so that they could be convert into one of the best shopping areas in the capital, at one end of Madrid’s greatest commercial thoroughfare, Gran Vía.
Original Story: Brainsre.news
Translation/Summary: Carmel Drake