Wanda buys high-rise build­ing in Madrid

China Daily (Canada) - - NEWSCAPSULE -

Con­glom­er­ate Dalian Wanda Group Corp Ltd has ac­quired a high-rise build­ing in Madrid for 2.25 bil­lion yuan ($364 mil­lion), the lat­est in a se­ries of high-pro­file in­ter­na­tional ac­qui­si­tions.

Wanda bought the build­ing from Span­ish bank Banco San­tander SA.

The property will be re­de­vel­oped into a high-end, mixed-use com­plex fea­tur­ing a 200-room lux­ury ho­tel, re­tail space and about 300 apart­ments.

Wanda said in a state­ment that the property’s ex­cep­tional lo­ca­tion and val­u­a­tion, com­bined with the lo­cal govern­ment’s plan to ren­o­vate the neigh­bor­hood, prompted the pur­chase.

Ac­cord­ing to the state­ment, a new en­tity called Wanda Europe has been cre­ated specif­i­cally for the ac­qui­si­tion and de­vel­op­ment of prop­er­ties in Europe. The new com­pany has fund­ing of HK$12.5 bil­lion.

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