29 November 2016 – Expansión
Santander has managed to suspend the sale of its headquarters in Madrid because it wants to exercise its right to buy the property, according to sources at the entity, something that it had not expressed any interest in doing so far during the current process.
This right is recorded in the contract that the bank signed in January 2008 with the consortium led by the British real estate investor Proinvest, with whom the sale of the Ciudad Financiera Santander was agreed, along the simultaneous rental of the property for a period of 40 years. “In the end, the future buyer is going to be our tenant and therefore, we have to consider that offer. Depending on the price, it may better for us to buy it from them given that we have the right to an option that has not been respected during the process”, said sources close to the bank.
As a result, Commercial Court number 9 in Madrid, has decided to suspend the purchase offer from the Kuwaiti fund ACG Equity Partners for Santander’s headquarters, worth €2,500 million.
On the other hand, the Supreme Court has upheld a fine of €1 million imposed on Santander on 12 June 2015 by the Council of Ministers, as the universal successor of Banesto, for a “very serious” breach of the Law governing the prevention of money laundering and terrorist financing. (…).
Original story: Expansión
Translation: Carmel Drake
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Source:: AURA Real Estate Experts