Friday, May 23, 2008

Grupo Prisa Completes EUR 315 Million Sale Leaseback of Three Office Buildings in Spain

Cushman & Wakefield Web Site - May 21, 2008

Drago Real Estate Partners has today announced the signing of an agreement with Prisa to purchase a portfolio of office blocks comprising 3 buildings, two of these located in Madrid and one in Barcelona, belonging to the communications group. The operation will take the form of sale & leaseback and the amount agreed is 315 million Euros.

In late 2007, the Grupo Prisa announced the running of a competition to sell this property portfolio, comprising two buildings in Madrid: one located at Gran Vía 32 (the head office of the Grupo Prisa) and the other on Calle Miguel Yuste (the head office of the daily newspaper El País and other publications) and one building in Barcelona, located at Calle Caspe, 6 – 20 (the head office of Radio Barcelona). The portfolio includes a total of 71,873 m2 and 344 parking spaces, as well as various commercial premises in the building on Gran Vía, with prestigious tenants such as Zara, Mango, H&M and Sfera.

The purchase is to take place through a consortium led by Drago Real Estate Partners. The financing has been provided to Drago by the Banco Santander and the Bayerische Landesbank. The organisation Gómez-Acebo & Pombo has advised Drago Real Estate Partners, Uría y Menéndez has advised Prisa and Clifford Chance has advised the Banco Santander and the Bayerische Landesbank. CB Richard Ellis has advised Prisa in the sales process and Cushman & Wakefield has advised the buyer.

Drago Real Estate Partners is a property investment company which is managed by Mare Nostrum Capital Managers. Sphere: Related Content

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