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OHL is looking for a partner for its developer
28 October 2019 | Vanessa Sousa

«A market research project was started in order to find a possible financial partner» intending to buy a share of developer Obrascon Huarte Lain, Desarrollos, S.L.U, a subsidiary of Spanish Obrascón Huarte Lain (OHL). Its portfolio includes project Centro Canalejas, located in Madrid.

Centro Canelejas, Madrid - Photo By Google Maps

The information was confirmed last week by construction company OHL itself in a release sent to the Comisión Nacional del Mercado de Valores, on which it also informs that the process is moving along «without [ OHL] having, for now, adopted a firm decision of divesting in this asset».

Around 70% of the developer might be on the table, a share which should be worth, according to El Economista, more than 200 million euro. One of the possible buyers is construction company Caabsa controlled by Mexican family Amodio, revealed the same newspaper.

Canalejas is the developer’s big project in Madrid and it should include a luxury hotel with 200 rooms, 22 dwellings and a 15.000 sqm shopping gallery. The management of this project is shared in equal parts with Mohari.

Besides the Madrid project, the construction company’s subsidiary also has other projects, such as the Old War Office in London. Amongst its plans for the coming years was the transfer of its share on both projects – an operation which should be worth around 300 million euro –, but, according to sources from the Spanish newspaper, if there is to be an integration of a new partner, these plans might change.