Rodex Forges Socimi to Buy the Castellana 200

29/04/2014 – Expansion

Anchorage and its Spanish partner Rodex Asset Management are racing against time to raise €150 million required to close the purchase of the Castellana 200 complex, including two office buildings, a parking lot, a shopping center and 52% of developable hotel area.

Rodex, controlled by listed Alza Real Estate led by Luis López de Herrera-Oria, who informed the CNMV (Spain´s Stock Market Commission) about promoting a new Socimi (Spanish REIT company).

The complex is currently in hands of Santander, Sabadell, BBVA, Sareb and Reyal Urbis. At the beginning of March, they picked the offer proposed by Rodex and Anchorage, however the partners failed to deposit the money on time.

Many funds (Morgan Stanley to highlight) got invited to participate in the acquistion through the newly created Socimi. It is ought to become listed in the upcoming four weeks and join other REIT vehicles, like Merlin, Hispania or Lar.

In the meantime, the banks and the real estate firm have decided to re-start negotiations with all finalists. Pimco and Talus presented the second best offer (€160 million) and the third was Perella.


Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE