Grupo Villar Mir sells Madrid property for €225m

Grupo Villar Mir has completed the sale of its 50 percent stake in the Canalejas Project to Israelí businessman Mark Scheinberg, founder of online poker firm Poker Stars. The sales price is €225 million ($240 million).

Canalejas Project is a luxury housing, hotel and retail complex in a set of seven historic buildings in the center of Madrid.

It will house 22 luxury homes and a Four Seasons five-star hotel. It also will have a commercial center of more than 170,000 square feet and underground parking.

Grupo Villar Mir is developing this project in conjunction with OHL, its listed construction company.

Grupo Villar Mir has sold 32.5 percent, and has reduced its stake in the project from 65 percent to 32.5 percent. Meanwhile, OHL has sold another 17.5 percent, which has reduced its shareholding from 35 percent to 17.5 percent.

Grupo Villar Mir and OHL will retain control over the management of the project until it is commissioned, scheduled for th