Baraka Group €272 million acquisition of Edificio España

7/6/2017
Private acquisition

€ 272 million

$ 303 million

Announced

7/6/2017


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

Jurisdiction:

Spain

Deal type:

Private acquisition

Practice area:

M&A

Governing law:

Spain

Industry sector:

Real estate


Firm:

Party: Wanda Group (Seller)

Lawyer: Albert Garrofé