Colliers Spain has completed the sale of 50% of the shares of the vehicle that holds the asset Canalejas. Canalejas is the highest profile mixed use project in Spain and has been valued as is at €760 million; a record volume for the last 10 years.
With a total area in excess of 60,000 m², Canalejas is the largest mixed use development project in Spain and one of the largest in Europe. The project comprises redeveloping seven traditional buildings which formerly comprised the headquarters of Banco Santander. OHLD acquired the property in 2012 with a vision of a state of the art mixed use scheme incorporating the first Four Seasons hotel in Spain (202 keys), 22 exclusive branded residences, 10,000 m² of premium retail space and 400+ parking spaces. Completion is expected in Q1, 2019.
Colliers Spain has been advising OHLD since 2009 and took an active part in the acquisition of Canalejas in 2012. The team in Madrid has also provided OHLD with multiple real estate services related to this project, including valuation, retail advice, and town planning consultancy. In 2016 the Madrid office was instructed to undertake a low key and targeted approach to the sale of 50% of the shares of the holding vehicle.
Canadian investor Mark Scheinberg purchased the shares based on a total asset value of €760 million.