agreed to sell the Edificio Espana building in Madrid toinvestment group Baraka, AFP reported, citing an anonymous source.

The sellingprice was not revealed but the source told the news agency that Spanish groupBaraka offered more than the €265 million price that Dalian Wanda paid toacquire the asset in 2014.

Thesale is expected to be finalized in September, the report said, citing Spanishnewspaper El Pais.

Thecompany planned to redevelop the 25-story asset to a hotel and retail center. However,after failing to land approval to demolish the building's facade, the companyhad been mulling asale of the property.