Tag: pre-agreement

Ministry Of Defence Puts Former ‘Hospital Del Aire’ Land Up For Auction

4 October 2017 – Eje Prime

The plot of land (…) is located in the Arturo Soria neighbourhood of Madrid, one of the most expensive areas of the capital (…). 

The Ministry of Defence is looking to shed weight. The government department has received authorisation from the Council of Ministers to put up for auction the land on which the former Hospital del Aire used to be located. The block is in disuse and has been vacant since 2011 when the old hospital building was demolished.

The asking price for the ownership of the land has been set at €25.1 million, for a plot spanning 28,341 m2. The former hospital has been included in the Ministry of Defence’s portfolio of buildings since 1945, when the former Ministry of Air acquired it, through a normal purchase and sale transaction.

In 2010, the Ministry of Defence managed to reach a pre-agreement with the Fundación Universidad Empresa to sell the building, but just six months later, the protocol that had been signed in that regard expired.

The express authorisation of the Council of Ministers to launch the auction was mandatory in this case, given that the sales value of the site exceeds €20 million.

Original story: Eje Prime

Translation: Carmel Drake

US Firm Choice Hotels Finalises Purchase Of Petit Palace

26 July 2016 – Preferente.com

The US group Choice Hotels is finalising the purchase of High Tech, the owner of the Petit Palace brand, in an operation that is estimated to be worth between €120 million and €130 million.

Conversations between N+1,which controls 52% of the hotel chain, and the US giant started months ago and have been advised by KPMG. On 24 June, they reached a pre-agreement and the due diligence then began immediately. The operation is expected to be finalised this month or next.

In addition to the 52% stake owned by N+1, Choice Hotels will also acquire the share capital held by the minority shareholders, led by the team that founded Petit Palace, owner of a 26% stake, as they have an option to participate in the sale. This purchase will represent the US giant’s debut in Spain; it is the sixth largest hotel group in the world.

Original story: Preferente.com

Translation: Carmel Drake