20/10/2014 – Expansion
Southern American businessmen have not missed the good times the Spanish property market is living right now. As the latest example of a large purchase sealed in the country may serve the investment of the Coto family, the owners of the most famous supermarket chain in Argentina.
At the end of this summer, the Cotos (through their property holding company) bought a building located at number 16 of the Paseo de la Castellana street in Madrid. Prior to the acquisition, the 4.116 square meter property housed headquarters of Icex. The family paid €20 million for the office building with view to converting it into a high-end residential block.
Furthermore, at the end of 2013, a group of Mexican investors led by Moises El Mann purchased 253 banking branches fully rented to Banco Sabadell for €290 million from Moor Park. Another Latin American group, Sambil, bought the M-40 retail park in Madrid to revive the property and establish its first outlet in Europe which will open next year.
In May, Mexican family Aramburuzabala, the hier of the Modelo beverage group, acquired the Madrid headquarters of IBM situated on the Avenida de America avenue. They paid €130 million for the property to Morgan Stanley.
Patricio Palomar, Research director at CBRE which advised the Cotos on the Castellana building purchase, assures: ‘Spanish market undoubtedly seduces the Southern American investors due to the closeness our language and culture respresents, as well as the family ties they sometimes have in Spain.’
The last to get on the real estate opportunity train to Spain was Jorge Perez, the owner of a large part of Miami skyline properties. Owning an over $3.1 billion worth of assets, the businessman is at the verge of sealing its first investments in the country, amounting to €120 million. In total, the Argentinian investor of Cuban descent wants to spend €500 million on the Spanish real estate.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE