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Santander Sells Last Jewel in Madrid: Edificio España

20/03/2014 – El Mundo

Banco Santander is no more the owner of the emblematic Edificio España building that has been underused since bought in 2005 from Metrovacesa. Multimillionaire Wang Jianlin, the richest Chinese businessman, acquired the property for €260 million that is by 33% less than Emilio Botín paid for the building nine years ago (€369 million). (…).

Over the last years, Santander sold the most prominent properties it owned in Madrid. For instance, in 2012 the bank put up for sale Complejo Canalejas that got into hands of Grupo Villar Mir for €215 million.

In 2007, in order to move headquarters to Ciudad Financiera de Boadilla del Monte, Santander sold to Pontegadea 10 buildings situated across the country for €418 million. (…).

Now, Edificio España will be at disposal of a group specialized in luxury hotels and shopping centers, that, according to Ignacio González representing the Community of Madrid, “will be an important spur for the zone”.



Original article: El Mundo

Translation: AURA REE