Anchorage Capital Partners from Australia is believed to be the frontrunner in the race to acquire a prime mixed-use asset for sale on Castellana, Madrid's main avenue.
Anchorage Capital Partners from Australia is believed to be the frontrunner in the race to acquire a prime mixed-use asset for sale on Castellana, Madrid's main avenue.
According to Spanish press reports, Anchorage has emerged ahead of several other international investors including US investors Pimco and Perella Weinberg.
Anchorage has reportedly offered €145 mln for the asset at Castellana 200, and is expected to complete the purchase through a newly created SOCIMI real estate investment structure. Advisory group Rodex is acting for Anchorage on the deal.
The office and retail complex was formerly owned by bankrupt property group Reyal-Urbis before being repossessed by banks Banco Santander, Banco Bilbao Vizcaya Argentaria and the Bankia Group. It has attracted over 20 offers exclusively from foreign investors in a sales process which is being run by agents CBRE and Knight Frank.
Castellana 200 consists of two office buildings totalling 21,500 m2 and a 8,500 m2 retail element with tenants including H&M, Media-Saturn and Mediamarkt. The office section, which boasts CBRE as a tenant, is 15% vacant. It also includes 800 parking spaces and a 18,000 m2 hotel which is currently without an operator.
The asset is believed to have involved a development cost for Reyal-Urbis of around €300 mln, with the banks providing some €240 mln to finance the construction.