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Owners explore €2.8B sale of Banco Santander HQ in Madrid

Irish businessman Derek Quinlan and British property tycoon Glenn Maud are believed to be exploring an up to €2.8 billion sale of the Banco Santander SA headquarters in Madrid, the Irish Independent reported, citing Private Equity Real Estate.

The two partners are divesting the 4.3 million-square-foot Ciudad Financiera campus nearly 10 years after acquiring it for €1.9 billion in a sale-leaseback deal with Santander. The bank agreed to a 40-year index-linked rent deal to pay €83 million per year for occupying the property, the June 9 report noted.

Kuwait-backed AGC Equity Partners Ltd. has reportedly offered between €2.7 billion and €2.8 billion for the campus in a race that also includes British investor Robert Tchenguiz and a consortium of U.S. private equity firm Madison International Realty LLC, Global Asset Capital and Glenn Maud.

A Madrid civil court is set to make a decision on the buyer in the summer, the publication added.