Irish property investor Derek Quinlan was part of the consortium that agreed to purchase Banco Santander's headquarters near Madrid for EUR 1.9 bn in January, Irish newspaper Sunday Business Post has reported. The transaction reflected a yield of 4.5%, with the bank agreeing to rent the site for 40 years and having the right to buy back the property at an undisclosed price. The deal is expected to be signed in March and will raise a EUR 605 mln capital gain for Santander.
Irish property investor Derek Quinlan was part of the consortium that agreed to purchase Banco Santander's headquarters near Madrid for EUR 1.9 bn in January, Irish newspaper Sunday Business Post has reported. The transaction reflected a yield of 4.5%, with the bank agreeing to rent the site for 40 years and having the right to buy back the property at an undisclosed price. The deal is expected to be signed in March and will raise a EUR 605 mln capital gain for Santander.
The consortium making the purchase was led by Glenn Maud's Propinvest. This wouldn't be the first time Quinlan has cooperated with the UK investor as the two were involved in last year's EUR 1.5 bn acquisition of Citigroup' s European headquarters at Canary Wharf in London. The deal ranked as the second-largest single-property transaction in UK history.
The trophy property purchased from Santander totals over 400,000 m2 of building space and consists of nine three-storey buildings, dining facilities, a grand plaza, a training centre, hotel, sports facilities, day-care centre, 18-hole golf course and a 5,000-car parking facility.
