Previous successes lay foundations for £348m deal in Spain’s commercial property market

We have worked with Pontegadea, the property company of Zara founder Amancio Ortega, for many years and have advised on several acquisitions in Spain and London. Our Madrid office also manages and values Pontegadea’s entire Spanish property portfolio.

During 2007 we advised the company on the purchase of 11 properties from Banco Santander for €500m (£348m), reflecting a net initial yield of just under 5%. The properties, which total 968,760 sq ft, are located in eight Spanish cities and include Santander’s Madrid headquarters. All are let to Santander on 40-year leases.

Together with the Paseo de la Castellana 35 building which was purchased two years ago, this latest move means that Pontegadea is now a more balanced property business, with an influence that extends beyond its traditional retail base.

An agreement for the sale of the two remaining lots, which include the 16m sq ft Santander Group City business park on the outskirts of Madrid, is yet to be reached.

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