Baraka Group €272 million acquisition of Edificio España

Overview:

• Baraka Group has acquired Edificio España for €272 million from the Wanda Group.
• Edificio España is a landmark building from 1953 and opened as the tallest building in Spain with 25 floors.
• Once a hotel, the building remained empty since 2007 due to the financial crisis.
• Wanda, a Chinese real estate company, bought it in 2014 and planned to transform it as a hotel again, but the project was cancelled when the Spanish government opposed the plans to tear it down as the building is legally protected.

Katrin Kostadinova - Data analyst