Drago acquires Grupo Prisa €300m Spanish real estate portfolio

20 Oct, 2008, Spain

On behalf of Drago Real Estate Partners, Cushman & Wakefield’s Corporate Finance team has advised and assisted in negotiations regarding the acquisition finance totalling €268 million (including a VAT facility) on a Spanish portfolio of properties owned by communications group Grupo Prisa.

Drago Real Estate Partners acquired a 70,000 sq m portfolio owned by Grupo Prisa on a sale and leaseback transaction totalling €300 million in conjunction with Royal Bank of Scotland. Grupo Prisa is the international communications group whose flagship publication is El Pais newspaper. The three buildings were located in Gran Via and Miguel Yuste, Madrid and Caspe, Barcelona.

Cushman & Wakefield’s Corporate Finance team advised Drago Real Estate Partners in the negotiations regarding the acquisition finance with Bayern LB. Bayern LB acted as the lead bank.

Commenting on the transaction, Edward Daubeney of Cushman & Wakefield said: “A finance transaction of this size is rare in the current banking climate. We are very pleased to have assisted in arranging such a loan which is evidence that transactions are still taking place for the right deals and experienced borrowers.”

Ends

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Notes to Editors:

Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

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