5/05/2014 – El Confidencial
Rich Mexican investors vie for real opportunities in Spain, following the suit of Carlos Slim. The latest first-time buyers were the former owners of Grupo Modelo, Mexican beer giant, that acquired IBM´s headquarters in Madrid for €130 million through their fund Finaccess.
The property of 47.000 square meters was acquired by Morgan Stanley in 2006 for €240 million. Due to lease renovation risk and the necessity to invest in the building (built in 1989), its price had to be lowered.
Apart from Carlos Slim who bought offices of La Caixa, many other investors decided to take advantage of the real estate fever observed in Spain recently. For example, ADO group acquired Avanza buses firm, Sigma – Campofrío, Fibra Uno bought offices of Banco Sabadell, BX+ taking a share in Banco Popular, whilst David Martinez in Banco Sabadell.
Great deal of the transactions involved property and many affluent investors are currently combing Spain in search of real estate cherry picks.
Original article: El Confidencial (by Carlos Hernanz)
Translation: AURA REE