UK property tycoon Robert Tchenguiz is leading an Abu Dhabi-backed consortium buying about £200 mln (EUR 237 mln) of debt backed by the Spanish headquarters of Santander, the Financial Times has reported.
UK property tycoon Robert Tchenguiz is leading an Abu Dhabi-backed consortium buying about £200 mln (EUR 237 mln) of debt backed by the Spanish headquarters of Santander, the Financial Times has reported.
The consortium, which has the backing of Aabar, a state-linked investment vehicle, has agreed to acquire the debt provided by Royal Bank of Scotland that helped fund the acquisition of the landmark nine-building complex in Madrid.
The buildings are owned by UK property entrepreneurs Derek Quinlan and Glenn Maud who bought them in one of the biggest ever European property deals in 2008 from Santander.
RBS last week exchanged contracts on the sale of about £200 mln of junior debt related to the property. A deposit of about £10 mln was used to secure the off-market deal, with completion expected in the next few weeks, the FT reported, quoting a person familiar with the matter.
The Santander headquarters comprises nine buildings of more than 278,000 m2 let to the bank for 40 years, generating a rental income of EUR 95 mln.