Three international funds buy Spanish HQ for €2.8b
Funds managed by Global Asset Capital, AGC Equity Partners and Cruz Madrid Capital have acquired the Banco Santander Financial City headquarters, located in the Madrid submarket of Boadilla del Monte, for €2.8 billion ($3.1 billion).
The seller, Marme Inversiones, paid €1.9 billion ($2.1 billion) in 2008 for the office property. Unable to deal with the interests of the debt incurred in the transaction, Marme went into bankruptcy in 2014, and in 2015 its judicial administrators decided on the liquidation of the company and the sale of its only asset — the Santander office complex.
Global Asset Capital is a California-based fund. AGC Equity Partners is a vehicle for Arab investors, with real estate assets that include Citigroup’s London headquarters. Cruz Madrid Capital is a New York City–based hedge fund.