Ten Real Estate Jewels Seek Buyers

31/03/2014 – Expansion

Banco Santander has found a sublime purchaser (Wang Jianlin) for its jewel in Madrid: the Edificio España building that had remained empty for 10 years. (…). Another sale that reverberated through the sector is the Castellana 200 complex that currently is experiencing purchaser recognition troubles.

The interest of foreign investors in Spanish property becomes ordinary matter, however one may ask what is being offered on the market right now? A great deal of offer search is focused on Barcelona and Madrid.

(…) Not only companies and banks sell out their property. Also, public administrations like the City Council of Madrid or the Government decided to take an advantage of the growing interest. The Community of Madrid has organized an auction of several buildings (the one situated at 20 Gran Vía Street for €19.9 million among them). The Gran Vía Street hosts two other buildings for sale: at number 30 sold by pieces and the Palacio de la Música, almost acquired by Mango from Fundación Caja Madrid.

When it comes to Barcelona, the local government is seeking purchaser for 13 public buildings.

Apart from large office buildings located in city centers, hotels and trading assets (premises and shopping centers) there are lots of other asset types up for sale. For instance, the ABBA Atocha hotel in Madrid and four shopping malls from old portfolio of ING Real Estate in Alcalá de Henares, Madrid, Vigo and Vitoria are looking for a buyer that would pay €400 million for all of them.

 

 

Original article: Expansión (Rocío Ruiz)

Translation: AURA REE

37