BLP, CC cash in on record E1.9bn lease of Santander's Madrid base
Berwin Leighton Paisner (BLP), Clifford Chance (CC) and Allen & Overy (A&O) have won roles on Europe's biggest-ever single property sale - the E1.9bn (£1.5bn) acquisition of Banco Santander's headquarters in Madrid.The deal, which completed last month, saw the building, in Boadilla del Monte in Madrid, sold to Propinvest under a sale and leaseback agreement. The UK property company turned to Spanish leader Garrigues for local and property law advice, with real estate partner Felipe Yannone taking the lead role.
October 01, 2008 at 10:40 PM
2 minute read
Berwin Leighton Paisner (BLP), Clifford Chance (CC) and Allen & Overy (A&O) have won roles on Europe's biggest-ever single property sale – the E1.9bn (£1.5bn) acquisition of Banco Santander's headquarters in Madrid.
The deal, which completed last month, saw the building, in Boadilla del Monte in Madrid, sold to Propinvest under a sale and leaseback agreement.
The UK property company turned to Spanish leader Garrigues for local and property law advice, with real estate partner Felipe Yannone taking the lead role.
Banco Santander, the world's third-largest bank by profits, turned to CC in Spain for advice, with Madrid corporate partner Carlos Portocarrero de las Heras leading. BLP and Allen & Overy (A&O) landed roles acting on the financing side of the deal.
BLP advised Propinvest on the debt side of the acquisition, with the City firm fielding a team including London real estate partners Joginder Anand, Laurence Rogers and Jo Soloman.
A&O advised the bank consortium, including the Royal Bank of Scotland, HSH Nordbank and Bayern LB, funding the acquisition.
A team from the magic circle firm's London and Madrid offices advised on the transaction, with partners involved in the deal including London banking partner Mark O'Neill and finance partner Charles Poole-Warren.
Banco Santander has agreed to a 40-year lease on the property, with initial annual rental income on the 175,000 sq m space set at E83m (£65m). The building will house more than 9,000 Banco Santander employees.
The deal follows Propinvest's £1bn acquisition in July 2007 of Citi's London headquarters in Canary Wharf with Irish financier Derek Quinlan. That deal, then the second-largest single-building sale in the UK after the £1.1bn sale of the HSBC tower in Canary Wharf, saw Ashurst advising the acquirers.
Norton Rose's head of real estate David Sinclair said: "There is still appetite among investors for good quality buildings let to good quality tenants on long leases where the tenant's long-term secure liabilities can enable investors to access long term funding products that are not available for inferior stock."
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