31/10/2014 – Expansion
Real estate exhibition Barcelona Meeting Point attracted between 15 and 20 big-name international funds willing to invest in the Spanish property. Representatives of the Community of Madrid, Catalonia and the bad bank, Sareb, went forward to answer their questions.
The capital met the investors in the morning, and the turn of Generalitat and Jaime Echegoyen, Sareb’s CEO, came in the afternoon.
Madrid’s delegate Enrique Ruiz Escudero said the session was ‘very good’ as assets offered by the region (office buildings, industrial, residential and technology land) enjoyed ‘a considerable interest’.
The greatest popularity earned downtown office units which could be renovated and later on destined for touristic use. Also, funds made a petition to public administation to give more time for analysis before demanding offers.
Bank of America Merill Lynch, Benson Elliot, Deka, Red Storm, Orion, Shaftesbury, TPG or GE Capital Real Estate are only few of the 14 grandeur funds that turned up at the private meeting with the Community of Madrid.
It is expected that Sareb will gather an audience compound of funds like Oaktree, GreenOak, Grove Internacional Partners, Credit Suisse or lawyers office Greenberg Traurig.
Also, around fifteen funds confirmed participation in the meeting with local Catalonian Government. Its representatives will present the properties to be tendered in December, among which noteworthy are: the Barcelona Stock Exchange Market building at 19 Paseo de Gracia street, Barcelona, up for sale at €88.9 million, representing the real estate crown jewel of Generalitat.
Apart from this appealing unit, two other certainly deserve attention: the Torre Munoz skyscraper at 105 Paseo de Gracia and the headquarters of the Employment and Industrial Relations department located at 148-150 Sepulveda street. Both buildings are worth €79.3 million.
The local authorities hope to earn some €168 million for the three properties and potential buyers ought to deposit a 5% value of each before November 14th.
Original article: Expansión
Translation: AURA REE