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  • Transaction / Assets
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U.S. Lennar Buys Buildings in Madrid

22/07/2014 – Cinco Dias

Lennar, one of the major builders in the United States, has purchased a property portfolio containing mostly residential buildings in Madrid for the total of €142.3 million paid to Inverseguros.

The U.S. company materialized the acquistion through its arm Rialto Capital and allied with Drago Capital. The properties were included in the Segurfondo Inversión FII fund which was liquidated in March 2011. It is also the oldest fund to trade on the stock exchange market (since 1995). As per the valuation carried out by Tecnitasa last year, the buildings were worth of €267.6 million.

The transaction will be officially sealed on 30th October and  the buyer has already made a cash deposit.

In May, Drago Capital purchased the Castellana 200 complex in Madrid, shoulder in shoulder with Canadian fund PSP, for €400 million.

 

Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE