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Edificio España

After negotiations with strips and looses for almost a year, businessman Trinitario Casanova has completed the acquisition of the historic Edificio España of Madrid to Chinese giant Wanda Group for 272 million euros. In the same operation, the owner of the group Baraka has sold the property of the skyscraper to the hotel chain RIU, that will open a new establishment. Casanova will exploit the 15,000 m2 destined for the commercial center.

The last three years of the history of the emblematic Edificio España of Madrid have been completed with a double operation of sale. The Asian giant Dalian Wanda Group has sold the historic skyscraper of the capital’s Plaza de España to the Spanish holding Baraka owned by businessman Trinitario Casanova for 272 million euros.

A small victory for Wanda, who accepted the only offer that surpassed the 265 million that paid in 2014 to the bank Santander, although in the years that has had the building has spent about 75 million in maintenance of the building.

In an operation that has lasted nearly a year since the agreement between Wanda and Baraka, and after the sale was frustrated last March, Casanova was quick to reach an agreement with RIU Hotels & Resorts to acquire the 100% of the property. A visa and not seen real estate of which is very accustomed the Spanish entrepreneur with soothes in Murcia. Together with the US real estate group Hines had already staged some immediate buying and selling operations in the central area of ​​the capital.

“It was in our strategic plans to open a Riu Plaza hotel in Spain and this opportunity in Madrid, in an unbeatable location and in an emblematic building, fully complied with all requirements,” said Carmen and Luis Riu, CEOs of RIU Hotels . “After several months, the operation has matured until the possibility of RIU making 100% ownership of the building, an opportunity that, after analyzing it in depth, we did not want to waste,” the managers explain.

The amount that RIU has paid for the skyscraper has not transpired, although company sources say that between the purchase and reform of the property will invest between 380 and 400 million euros.

Following this agreement, the future hotel Riu Plaza will occupy 24 floors of the emblematic skyscraper, which has 27 heights, while the rest will be used for commercial use. The 15,000 m2 of the commercial area will be managed by the Baraka Group.

The establishment will have 650 rooms with a category of four stars. In addition, there will be two restaurants, a rooftop pool, where the Sky Bar will also be located.
Wanda goes out the back door of Edificio España

The real estate experience in Madrid of the business giant chaired by Wang Jianlin, China’s richest man, has ended in a restrained failure. The arrival of one of the main shareholders of the Club Atlético de Madrid, with the help of the colonial president Enrique Cerezo, was sold in a hype by the Community of Madrid presided over by Ignacio González as the great return of the foreign investor to the capital after Worst of the economic crisis.

In July 2014, bank Santander and Wanda Group reached an agreement for the skyscraper for 265 million euros. A sale in losses for the entity presided by Emilio Botín that bought the Building Spain in boom real estate in 2005 for about 400 million euros to the real estate company Metrovacesa.

The Chinese group began to project the future of the building, from which came a project for comprehensive reform that included a five-star hotel, luxury homes and a shopping center. However, Wanda’s plan, which included the dismantling of the facade of the building, to raise it as it was, collided with the Madrid City Council, which defended by cover and sword the patrimonial protection of the building. Wanda, tired of his project not going ahead, hung the ‘For Sale’ sign to begin of 2016.