Allianz Acquires the Castellana 200 Complex for €250M

12 April 2019 – Expansión

Allianz is going to be the new owner of the Castellana 200 office and retail complex located just a stone’s throw from Plaza Castilla in Madrid. The Socimi Silvercode, in which the Canadian pension fund manager PSP and Drago Capital both hold stakes, is going to sell the property to Allianz Real Estate for €250 million, five years after buying it from Reyal Urbis for €144 million.

The complex, which was developed by Reyal Urbis in 2009, comprises 20,295 m2 of office space, 6,415 m2 for commercial use and 844 parking spaces. It has additional buildability of 14,000 m2 for a hotel or residential project, which is currently suspended, although that space is excluded from the operation. Castellana 200 is currently managed by Drago Capital.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake

Allianz RE Negotiates the Purchase of Castellana 200 for c. €250M

2 April 2019 – El Economista

The office and retail complex Castellana 200 in Madrid is on the verge of changing hands once again. Its owner, the pension fund of the Canadian armed forces, PSP, is negotiating its sale with Allianz Real Estate in a deal that could amount to €250 million.

The property is listed on the MAB through the Socimi Silvercode, which made its debut on the stock market in 2016. The company’s majority shareholder is Java International, (97.51%), which is in turn owned by PSP Britannia (87.76%) and Enavap Investments (9.75%). The latter is controlled by Luis Iglesias, founder of Drago Capital, which is the current manager of the complex.

Castellana 200 was last sold in July 2014 for €144 million, after opening its doors in April 2013. It is located on Paseo de la Castellana, just 300 m from Plaza de Castilla, and comprises two office buildings, spanning more than 20,000 m2, plus a shopping centre measuring 6,416 m2 and 817 parking spaces. There are also plans for a hotel in the pipeline with a surface area of 18,000 m2.

Through this deal, Allianz Real Estate, the strategic real estate division of the Allianz Group, would strengthen its position in Spain, a market it first entered in 2016.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake

5 Socimis Have Debuted On The MAB So Far In 2016

10 June 2016 – Expansión

Silvercode, which owns the Castellana 200 complex, is the latest Socimi to have joined the MAB, on 2 June 2016.

Since the beginning of the year, the following Socimis have all debuted on the MAB: Corpfin Capital Prime Retail III, Heref Habaneras, Inversiones Doalca, Jaba I Inversiones and Silvercode. In 2015, eight Socimis listed on the stock market in total.

In addition to the 17 Socimis listed on the MAB, four other companies of this type – Merlin, Lar, Hispania and Axiare – are listed on the main stock exchange.

Merlin is the only Socimi in the Ibex 35. The firm, chaired by Ismael Clemente, which has been listed on the reference index since the end of last year, debuted on the stock market on 30 June 2014 and was the third Socimi (after Lar and Hispania) to list on the main stock market.

Original story: Expansión

Translation: Carmel Drake