Purchase of the Castellana 200 Remains in Limbo

22/04/2014 – Expansion

At the end of March, real estate firm Reyal Urbis together with its lenders (Santander, Sabadell, BBVA and Sareb) have made a deal with U.S. fund Anchorage. The final price, €145 million, was much higher than the asking price of €130 million.

However, a month later the deal has not been sealed yet for the reason that Anchorage failed to deposit all the pledged money within the deadline. That is why, it has been posponed until the end of April so that the fund could raise the entire amount.

On the other hand, the second winning bidder, Pimco, has not gave upon the 200 Castellana building and the giant is still ready to pay less but at once. The third finalist was Perella.

Changing the purchaser will mean amendments in terms and conditions, though, as the banks have already agreed with Anchorage on exclusion of 48% of the hotel part from the sale. The complex consists of two office buildings: one of 5.155 square meters and the other of 15.137 square meters, a commercial zone of 6.500 gross lettable area, a parking with 400 spaces and a 18.000 square meter plot for hotel use to develop.

 

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE

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