26/02/2014 – El Confidencial
Irrational. The real estate market is experiencing the greatest activity rebound in years. The most vivid emotions are brought about by the sale of the building at 200 Castelllana Street, a property situated in the north of Madrid, formerly belonging to Reyal-Urbis. Even 22 investors took part in the bidding in the first stage of non-binding offers. Funds Pimco, Perella and Anchorage made it to the final bidding.
During one month only, CB Richard Ellis and Knight Frank received 22 offers for the building that includes four products: offices, trading zone, a parking lot and a five-star hotel. The property is less than one year old and yet has not got 100% occupancy rate. (…).
The auction became the talk of the town for the bidders are debuting on the Spanish market. On the one hand, there is the opportunistic fund Anchorage that bought buildings Eurohypo/Monteverde in Madrid and Barcelona within the Copernicus Project. On the other hand, we find the U.S. funds Perella Weinberg Partners and Pimco. The lattest has just joined shareholders of the recently listed Socimi of Grupo Lar.
The bidding´s organizators managed to establish the price at treshold of €150 million promised to the building´s banking holders (Bankia, Sabadell, Santander, BBVA and Caixa). In truth the price is set a long way behind the €320 million invested in the property in the boom times by developer Rafael Santamaria, chairman of Reyal Urbis, currently put up for auction as well. (…).
Original article: El Confidencial (Carlos Hernanz)
Translation: AURA REE