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Dalian Wanda confirms €272M deal for Madrid property

DalianWanda confirmed recent media reports concerning the sale of the Edificio Espanabuilding in Madrid.

Amemorandum of understanding was signed between Wanda Europe Real EstateInvestment Co. Ltd. and Baraka Global Invest SLU on July 12 regardingnegotiations and a possible sale of the historic building.

Barakahas offered €272 million for the entity that owns the 25-story property,according to a statement from Wanda Hotel Development Co. Ltd.

WandaEurope is 60% owned by Wanda Hotel Development while the remaining stake isheld by Dalian Wanda CommercialProperties Co. Ltd.

Barakahas paid €1 million in earnest money and has been granted an exclusivity periodto conduct due diligence and negotiations until Oct. 15.