Santander Offers €3bn for its own Ciudad Financiera

19 September 2018 – Eje Prime

Banco Santander could end up buying back its Ciudad Financiera. The Spanish bank has submitted an offer for around €3 billion for the complex in the framework of the auction organised by Commercial Court number 9 in Madrid to liquidate the assets of Marme Inversiones, the owner of the asset, according to Expansión.

Besides Santander, two other entities have submitted bids. They are the Kuwaiti fund headquartered in the British capital, AGC Capital Markets, and the British-Irani investor Robert Tchenguiz.

According to the most recent information, Blackstone was going to participate in the bid. Specifically, the US fund was going to offer more than €3 billion for the Spanish bank’s central offices.

In the end, both Blackstone and Centerbridge have ruled out participating in the auction, the resolution of which will be revealed within the next few days: the bankruptcy administrator could award the asset, or open another phase for the receipt of better offers.

Banco Santander’s Ciudad Financiera has been owned by Marme Inversiones (controlled by the investors Glenn Maud and Derek Quinlan) since 2008. The company filed for bankruptcy after it was unable to keep up the repayments on the loans it took out to sign the operation.

Original story: Eje Prime

Translation: Carmel Drake

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