Santander Bank announced that has definitely completed the sale of Building Spain, located in Madrid, to the Renville Invest Society , a subsidiary of the Chinese company Dalian Wanda Group, for a total amount of 265 million euros. Santander bought the house in 2005 for 389 million euros.

Although the exact sales figure is not revealed, the president of the Community of Madrid, Ignacio Gonzalez, confirmed  in March the purchase by a Chinese businessman Wang Jianli of the Property, one of the most distinctive skyscraper in the profile of the capital, located in the Spain Square, and that takes years not used. The idea was to start shortly a remodeling plan, designed by architects Norman Foster and Carlos Lamela, lift passes for a huge shopping mall, a hotel and nearly 300 luxury homes. The entire project was waitint to reduce the Protection of the building so  it can be demolished inside, but must keep the facade and sides.

“The impact of the transaction on the capital and the income of the Santander Group is immaterial” the company told the National Securities Market Commission in a brief statement.

The building, along with Madrid Tower located nearby, were designed and made ​​in the 1950s by the Otamendi brothers who wanted to give the city its first skyscrapers. The 25 floors and 117 Square meters high skyscraper “Spain” time ago housed the Hotel Crowne Plaza, a shopping center, apartments, houses and offices until 2006. A year later began rehabilitation with the aim of harbor a large hotel and luxury housing in 2010. Yet full emptying once completed, the project was paralyzed

David Lorenzo-Spanish Lawyer UK                                        
Spanish Law | Birchall Blackburn         

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