IN-DEPTH: Chinese conglomerate enters Spanish office sector

Chinese conglomerate Dalian Wanda Group Corp. has purchased the historic Edificio España building in Madrid for €260 million ($358.6 million). Here’s an in-depth look at the deal.

THE DEAL

Santander Real Estate sold the three-building, 28-story office. The property is located in Plaza de Spain. It was the firm’s last asset in Madrid. The new owner has plans to build a hotel and shopping center in the building, in addition to luxury homes.

THE ASSET

The Edificio España is one of the tallest buildings in Madrid, ranked the 14th tallest in the city. It was designed by architect Julián Otamendi and his brother, engineer Joaquín Otamendi, in the Neo-Baroque style and constructed from 1948 to 1953. It was the tallest building in S