31 July 2015 – Expansión
Torre Espacio has a new suitor, in the form of the March family, which has formally expressed its interest in acquiring the skyscraper in the Cuatro Torres complex (Madrid) from the current owner, Grupo Villar Mir. The family is up against Amancio Ortega – the owner of Inditex – the German fund Deka and Canada Pension Fund.
Inmobiliairia Espacio, the holding company of Villar Mir, put the property on the market at the end of June and engaged the consultancy firm Aguirre Newman to manage the sale. The company has already received preliminary bids for the property, which it plans to sell for between €650 million and €700 million, whereby taking full advantage of the revival in the real estate sector currently underway in Spain. However, the offers received for Torre Espacio so far range between €500 million and €600 million, albeit above its book value (€440 million). Villar Mir invested €400 million in the construction of the building.
The firm’s intention was to select one or two candidates to participate in exclusive negotiations, with the aim of closing the deal in October.
The March family’s bid for Torre Espacio is indicative of its growing interest in the real estate sector. The family has just acquired Ahorro Corporación’s headquarters on the Paseo de la Castellana (Madrid) for €147 million through its company Corporación Financiera Alba.
Original story: Expansión (by Y.B.)
Translation: Carmel Drake