Fund Manager Santander Activos Inmobiliarios through Santander Central Hispano Banif Inmobiliario FII fund, has bought 50% of the Edificio España, located in Madrid's Plaza de España, from Metrovacesa for 138.6 million. The transaction also includes a purchase commitment for the remaining 50% for the same amount.
The Edificio España, inaugurated in 1953 and designed by the brothers Joaquín and Julián Otamendi, is 117 meters tall and has 28 storys. It is one of the most emblematic skyscrapers in Madrid and a landmark in the history of architecture in Madrid and in Spain.
Management and lease of the Building will continue to be conducted by Metrovacesa, which has drawn up a programme to divest of its two emblematic buildings in Madrid's Plaza de España and is continuing with its strategy of progressively concentrating on modern office buildings in the central business district and the inner periphery of Madrid and Barcelona.
Santander Central Hispano Banif Inmobiliario, F.I.I, is the leader in property funds in Spain with a 60% market share and over 70,000 participants. Since it was created, the average annualized yield has been 7.31%.
The fund currently has 2,997 million in assets, with a real estate portfolio of 249 properties, of which 181 are residential buildings, with over 8,000 homes; 10 homes for the elderly; 32 office buildings; 4 shopping centres; 15 commercial premises ; 2 clinics and 5 industrial properties. The total area for lease is 1,866,439 m².
With this transaction, Santander Central Hispano's Banif Property Fund consolidates its position as the unquestionable point of reference in the real estate arena. It has invested 1,300 million in the last three years and a further 600 million is forecast for 2005.
Source: Metrovacesa
