Santander Real Estate completes the purchase of the Edificio España, by buying the part of the building occupied by the Crowne Plaza Hotel. Santander Real Estate acquired the rest of the building last June, through the purchase by public deed of 50% for 138.6 million and with a sale and purchase commitment for the remaining 50% of the building for the same amount.
Through its real estate investment trust, Santander Real Estate has completed the purchase of the Edificio España, in Madrid's Plaza de España, by buying the part of the building occupied by the Crowne Plaza hotel from Metrovacesa. The rest of the building was acquired by the same trust last June, through the purchase by public deed of 50% for 138.6 million and with a sale and purchase commitment for the remaining 50% of the building for the same amount.
Now that the acquisition has been completed, the purchase of the Edificio España amounts to a total of 389 million.
The 28-storey Edificio España, designed by the brothers Joaquín and Julián Otamendi and inaugurated in 1953, is -together with the Torre de Madrid- one of the most emblematic skyscrapers in the capital and a living symbol of the history of Madrid and Spanish architecture.
The trust managed by Santander Real Estate is the leading real estate fund in Spain, with a 55% market share and over 55,000 participants. Since it was created, the annualized average yield has been of 7.28%.
The trust currently has 3,226 million in assets, with a real estate portfolio comprising 249 properties, of which 181 are residential buildings, with over 8,000 homes; 10 homes for the elderly; 32 office blocks; 4 shopping centres; 15 commercial premises; 2 clinics and 5 industrial premises. The total area for lease is 1,866,439 m².
Through this transaction, Santander's real estate trust is the undisputable point of reference in the real estate scene, with investments amounting to 2,100 million in the past few years, of which 800 million corresponds to 2005.
Source: Metrovacesa
