March 8, 2021

Banco Santander reaches an agreement with the Reuben brothers and recovers its Financial City

Banco Santander has reached an agreement with the brothers Simon and David Reuben, winners of the bidding process by the Financial City carried out by the Commercial Court number 9 of Madrid, so that finally the entity chaired by Ana Botín will keep its headquarters , according to sources close to the operation to Europa Press.

After several months of legal battle, Banco Santander will foreseeably close the purchase of its headquarters in Boadilla del Monte (Madrid) this July. The amount of the transaction, although it has not transpired, will be somewhat lower than the offer launched by the Reuben through its investment arm registered in Spain as Sorlinda Investment, which market sources established at around 3,000 million euros.

In addition, the entity will commit to reaching agreements with the creditors of Marme Inversiones, the company that owns the headquarters and that was declared bankrupt in 2014, a process that would be approved by the Court in October 2015 and after what was initiated. a coordinated settlement plan.

The Commercial Court Number 9 of Madrid proclaimed last January as the best offer for the acquisition of the Financial City of Santander that was formulated by the Reuben brothers, while that of the bank itself would have remained in second place with a difference of about 50 million euros.

The Cantabrian bank agreed on September 12, 2008 the sale of its headquarters to Marme Inversiones for 1,904 million euros. Simultaneously, the bank formalized with this company a lease for a mandatory period of 40 years during which the rent would be updated annually according to the CPI.

The contract included the purchase option exercisable by Santander at the expiration of the mandatory rental period for the market value held by the Financial City.

(tagsToTranslate) Bank (t) Santander (t) Reuben (t) City (t) Financial

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