Wanda buys high-rise building in Madrid
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.