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OHL Group plans to sell Canalejas building for €200M
16 April 2019 | Vanessa Sousa

OHL Group placed its 50% share of the Canalejas building, located at the heart of Madrid, on sale for 200 million euro.

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The interest from several investors in this asset and the possibility of obtaining liquidity to stimulate the development of new real estate developments were the main motives that drove OHL towards this decision.

Although no proposals for the purchase of the Canalejas building parcel are known as of yet, newspaper Expansión advances this Monday that there is at least one international fund interested in the operation.

Besides being located in a privileged area of the Spanish capital, the asset results from seven historic buildings with a combined area of 50.000 sqm, where different projects will be developed. One of them, which will occupy 30% of the entire area, will be a shopping centre, another one will involve the construction of 22 luxury houses, the third will be the first Canadian Four Seasons to be built in Spain and it will have 200 luxury rooms.

In August 2018 the group finished acquiring its 50% parcel by buying 32.5% from Grupo Villar Mir, for 50 million euro. The other half belongs to society Mohari, which is led by PokerStars co-founder Mark Scheinberg.

 

Photo: Eje Prime