Madrid office sale sparks bidding war

LAST UPDATED: 13 Mar, 2014 @ 08:11
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Madrid office sale sparks bidding war

THREE global investors are locked in a bidding war for an office and shopping mall complex in Madrid’s business district.

California-based Pimco, New York-headquartered Perella Weinberg, and a third, unnamed firm are expected to offer up to €140 million for the Castellana 200 property, according to sources.

The property, which consists of two office buildings totaling 20,300 square meters (219,000 square feet) and a 6,200 square meter retail mall, was put up for sale by banks including Banco Santander SA, Banco Bilbao Vizcaya Argentaria SA and the Bankia Group.

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