Sunday, Jan 27, 2008
Banco Santander running for cover
FT.com: Propinvest in €1.9bn deal for Santander HQ
Santander has sold its headquarters near Madrid to Propinvest, the British real estate investor, for €1.9bn ($2.8bn, £1.4bn). The Spanish bank has sold the 1.5m sq m complex in Boadilla del Monte as part of a wider sell-off of its Spanish real estate assets. This is the last asset to be sold from a huge portfolio of commercial property which was brought to the market last summer. In a statement to the Spanish stock exchange on Friday, the bank said that it made a €605m profit from the sale of the complex and a €1.7bn profit on the sale of the entire portfolio.
Posted by lvmreader @ 12:28 AM (393 views) Add Comment
2 Comments
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1. d'oh said...
Are Propinvest mad?
2. who stole my pension? said...
I think Santander need the money! Do you think the government will have to sell 10 Downing Street to help for Northern Crock? Perhaps we could donate a tent to Gordon so he can experience what is coming!