September 23, 2020

The brothers Reuben finalize the purchase of the Financial City of Santander

The brothers Reuben finalize the purchase of the Financial City of Santander


MadridUpdated:

The brothers Simon and David Reuben, settled in London but of Indian origin, finalize the purchase of the Financial City of Banco Santander, built in the Madrid municipality of Boadilla del Monte and that houses the central services of the entity, after presenting the best offer for the facilities in the contest of creditors of Marme Inversiones, the owner of the property.

However, sources close to the process remind Efe that before the transaction closes Banco Santander, which he has also participated in the bid, could exercise its right of first refusal for the property that it sold at the beginning of 2008 for 1,900 million euros and for which now, according to Vozpópuli, would have presented the second best offer, only surpassed by that of the Reuben brothers.

The owner of the property, Marme Inversiones, is in bankruptcy, the old suspension of payments, and the commercial court number 9 of Madrid is in charge of liquidating its assets, so it will have the last word among the offers received by the City. Financial

In that bid, a Kuwaiti fund (AGC) has also participated and, according to various reports, also the British investor of Iranian origin Robert Tchenguiz, all of them willing to offer more than 2,000 million, although the figure could rise to 3,000 million because Marme accumulates 800 millions in liquidity in your box.

The repurchase of the Financial City would make sense for Banco Santander due to the fact that with it it would save the 120 million annual who pays to occupy the property and who are updated according to the rental agreement signed for 40 years from 2008, when he sold the facilities.

The Financial City was planned during the presidency of Emilio Botín to save the costs of the 23 buildings that occupied the central services of the group in Madrid and increase the efficiency of its workers.

At that time, the banker also stressed that with this new space would improve the quality of life and work of employees.

The pharaonic project, designed by the Irish architect Kevin Roche, cost 480 million euros, including the construction initially of nine buildings, 400,000 square meters and more than 5,000 parking spaces.

Among those nine buildings stood out the "Pereda", where the office of Emilio Botín and the Board of Directors room were located.

In recent years, the continuous improvement and expansion works have provided the "Financial City" with a new space called "El Faro", a glazed cube next to one of the entrances to the site.

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