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Trinitario Casanova Acquires Gran Vía 44

10 December 2015 – El Confidencial

It was one of the most coveted operations of the summer. The sale of the branch that Bankia owned on Gran Vía 44, awakened the appetite of all types of investors, from Socimis to individuals, whose offers reflected the outrageous interest that exists for the real estate sector, in general and for this thoroughfare in the capital, in particular.

In the end, the victor is a familiar face in the sector, the businessman from Levante, Trinitario Casanova, who has acquired this asset through the company Tecnolandia, after putting an offer for around €20 million on the table.

Although this company actually won the bid in August, the deed is not scheduled to be definitively signed until next week, which means that the businessman has now been dragged out from the shadows. Until now he had depended on the formula known as “blind investor” to maintain his anonymity throughout this process.

This system is being increasingly accepted by purchasers who wish to stay in the shadows, to avoid their real names being used to overheat the process, for example. Asesorama has been the firm that has defended the interests of Trinitario and Tecnolandia, the company through which Casanova has made his offer and which has acted as a screen until the property was awarded, and only then was it revealed who was behind the offer.

With a surface area of 500 m2, covering the basement and the ground floor, the premises that the businessman from Levante has just acquired was formerly a branch of Bankia until this month. The €20 million spent takes the price paid per squared metre to €45,000/m2, an amount that many seem excessive, but behind which a second game is being played.

Technolandia has also acquired the mezzanine floors of number 44 Gran Via, which means that in total, it now owns 900 m2 in one of the best corners of the thoroughfare, which confers it a privileged position to now negotiate a lease contract with a future tenant.

In fact, according to enquiries made by El Confidencial, Trinitario Casanova is currently negotiating with several interested parties, including an English fashion chain, a restaurant group and a renowned childrens’ brand. Whoever the final tenant ends up being, it will have to wait until the Spring to open the doors of the new establishment.

Initially, the businessman was hoping that Bankia was going to close its branch on Gran Via sooner, but the entity has waited until the final stretch of the year, which means that along with the renovation that needs to take place, the new tenant will not be able to begin operations until April or May. (…).

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake