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Santander Sells the Edificio España Skyscraper to Chinese Millionaire Wang Jialin

6/06/2014 – El Confidencial

The sale of the skyscraper overlooking Madrid has finally come to an end. “Edificio España” was sold to Chinese millionaire Wang Jialin, the magnate of shopping mall chain Dalian Wanda, for the total of €265 million.

The transaction constitutes a turning point in the most iconic buildings of Madrid´s history, especially after the City Council set architectural requiremets conditioning the purchase of España. The building, constructed in 1953, is a subject to a remodelation project which involves an internal and the back side damage of the property.

In order to obtain permission for that, the building´s grade has been lowered from II* (in Spain 2nd structural) to II (3rd partial). The decision raised a lot of controversy.

The sale will now run the project, remodelating not only the emblematic unit but also the Plaza España square itself.

 

Original article: El Confidencial (by C. H.)

Translation: AURA REE

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