DTS Completes EUR 80 Million Sale Leaseback of Madrid HQ

Property Week - December 29, 2010

CB Richard Ellis has completed the €80m (£68m) sale and leaseback of the headquarters of the largest provider of digital pay television in Spain, Distribuidora de Television Digital S.A.U. (DTS).

CPA®:17 – Global, an affiliate of WP Carey, the global investment management company that provides long-term sale and leaseback and build-to-suit financing, acquired the building. DTS will remain as tenants for a period of 20 years.

DTS’s 441,320 sq ft headquarters in Madrid is located in Tres Cantos and was constructed in 2008. The building comprises both office and television production space.

Adolfo Ramirez-Escudero, executive managing director of Capital Markets at CB Richard Ellis Spain, said: “Despite a difficult year for the investment and financing of real estate in Spain, this transaction confirms institutional investors’ interest in these kinds of deals in the Spanish market and is a reminder of the special place that sale and leasebacks hold in Spain.

“The banks have sold over €8.5bn of property via sale and leaseback in the last three years in Spain, of which CBRE has advised on almost €5bn. WP Carey had been out of the Spanish market over the past 10 years but decided to return last year and is now very active. We will see more sale and leasebacks from corporates, just as we saw Eroski, Mercedes-Benz and FCC active this year.”

DTS is a subsidiary of Promotora de Informaciones S.A. (PRISA) and operates the group’s pay TV production and distribution activities.

CBRE also advised PRISA in 2008 on the sale and leaseback of its headquarters in Madrid; the editorial office of El País; and Cadena Ser’s headquarters in Barcelona. The assets were sold to Drago Real Estate for €315m. Sphere: Related Content