5/05/2014 – Expansion
Yesterday, Emin Capital sealed a pre-agreement on purchase of a building from Deutsche Bank in Barcelona for €90 million. The fund is planning to invest another €60 million to open a five-star, 150-room hotel of the Four Seasons chain in there.
The building is located on the junction of the Paseo de Gràcia and the Avenida Diagonal Streets in Barcelona. It formerly belonged to three Andorran families: Reig, Cerqueda and Ribes who bought it in 2002 for €80 million. In total, its area covers 15.000 square meters above the ground level foreseen to be transformed into 150 hotel rooms. The five-storey property´s roof structure will serve as a terrace reserved for the hotel guests.
One of the stumbling blocks of the transaction was that the present tenant of the property, the law office Cuatrecasas, has got a lease contract until 2017. However, the odds are high that the lawyers will move to their new headqarters in the @22 district earlier in May 2016.
The fund run by Jordi Badia relies on financing from Banco Sabadell and La Caixa that also helped it to acquire the Torre Agbar in Barcelona last year.
For the moment, there is no Four Seasons hotel in Spain, however, there is one included in the Canalejas project to be implemented in Madrid. Its inauguration will probably take place earlier than Emin Capital could start works in the newly acquired building in Barcelona.
The fund raised €400 million to invest in Madrid, Barcelona and other European cities.
Original article: Expansión (by Marisa Anglés)
Translation: AURA REE