05 CORONA PROJECT (SEPTEMBER 2013)
The Corona Project consists of seven office buildings in Madrid. The starting lot was valued at about €140 million.
During the negotiation process, SAREB upheld contact with 200 firms and received 32 offers. Based on the interest shown by the investors, the company decided to centralize the transaction on four out of the seven initially offered properties. In particular, they were the Delta Norte II and III buildings, situated in the north of Chamartín, the Tucumán building in the Campo de las Naciones and the Montecarmelo areas, also in the north of the capital, valued at €80 million.
The transaction method designed foresaw two awarded companies. This has been accomplished, like in the previous SAREB´s operation, via establishment of a Fund for Banking Restructuring in which both investors would hold an “adequate share”, together with SAREB itself.
The buildings included in the Corona project have an 80% rental occupancy. This already is a nice scratch point for the FAB´s investors who could benefit from the rental payments since the very first day. The FAB Corona was registered on 30th December before a related operation of four office buildings in Madrid was closed.