Spanish REIT Silvercode announces Castellana200 sale

Silvercode Investments SOCIMI S.A., announced the signing of the SPA, last Thursday, for the sale of Castellana 200. The buyer, insurance firm Allianz, is reported to have paid €250 million for the asset which was owned by Canadian pension fund PSP via the Spanish REIT.

Located on Paseo de la Castellana between numbers 198 and 206, just 300 meters from Plaza de Castilla and is made up of two office buildings, totaling more than 20,000m² of gross leasable area (GLA). It includes a shopping center of 6,416m² and a parking lot of 817 spaces. The property also includes a hotel project with an area of ​​18,000 square meters, in which Silvercode has a 52.18% stake.

The building opened in 2013 and was the jewel in the crown of – now defunct – residential developer Reyal Urbis which was once one of the largest real estate companies in Spain and Portugal. In fact, the property developer had a revenue in 2011 of over €268 million and owned hotel brand, Rafaelhoteles.

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