Allianz inching towards €250M purchase of Castellana 200.

According to El Economista, Spanish REIT, Silvercode Investments SOCIMI S.A., is advancing towards the sale of Castellana 200 to insurance firm Allianz. The REIT is listed on the Madrid Alternative Stock Exchange since 2016 and with a single asset as underlying and is owned by Canadian pension fund PSP.

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.

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.

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