Reyal Urbis sells the Castellana 200 property to the PSP and Drago Capital funds
The real estate company Reyal Urbis has completed the sale of the property Castellana 200 to the Canadian pension fund PSP and the Spanish real estate investment firm Drago Capital for €143 million. The company was advised on the sale by the consultants Knight Frank and CBRE.
The sale of this property formed part of the strategic plans of Reyal Urbis's financial entity shareholders - Sareb, Banco Sabadell, Banco Santander and BBVA - in order to reduce its real estate property portfolios.
The company filed for bankruptcy in February 2013, but Castellana 200 remained outside of the process. In 2010, it decided to separate this complex from the remainder of the real estate company's assets. In order to do this it set up a company, which it transferred the property to, of which the bank controlled 51%, whilst Reyal Urbis kept the remaining 49%.
Castellana 200 is one of the most prestigious properties in Madrid and is located on the strategic Paseo de la Castellana. It began to be constructed in 2011 and comprises a 6,500 sqm retail area and two office buildings, one of 5,155 sqm and the other of 15,137 sqm. It also features 900 parking spaces and the complex is expected to be completed with the development of a five star hotel.
The new owners, represented by the consultant Rodex, are the Canadian pension fund PSP - that manages a portfolio valued at USD$76 billion - and its Spanish partner Drago Capital, with assets valued at €2.8 billion, who assumed 10% of the total investment.
The consultancy Rodex will be in charge of managing the complex.