Drago Real Estate Partners sign an agreement with Grupo Prisa to purchase office portfolio in Spain

25 Jun, 2008, Lisbon

Cushman & Wakefield announced today the signing of an agreement between Drago Real Estate Partners and Prisa to purchase a portfolio of office blocks comprising 3 buildings, two of these located in Madrid and one in Barcelona, belonging to the communications group. The operation will take the form of sale & leaseback and the amount agreed is 315 million Euros.

In late 2007, Grupo Prisa, owner of newspapers like El País and Cinco Dias in Spain and of Media Capital Group in Portugal (that includes the Portuguese television channel TVI, Lux, Lux Woman and Maxmen magazines and Comercial Radio station, among others), announced its intention to dispose of the three properties, comprising two buildings in Madrid, one located at Gran Vía 32 (Grupo Prisa’s headquarters) and the other on Calle Miguel Yuste (El País’s headquarters) and one building in Barcelona, located at Calle Caspe, 6 – 20 (Radio Barcelona’s head office). The portfolio includes a total of 71,873 m2 and 344 parking spaces, as well as various retail premises in the Gran Via building, with prestigious tenants such as Zara, Mango, H&M and Sfera.

The purchase is to take place through a consortium led by Drago Real Estate Partners. The financing has been provided to Drago by the Banco Santander and the Bayerische Landesbank. Law firms Gómez-Acebo & Pombo has advised Drago Real Estate Partners, Uría y Menéndez has advised Prisa and Clifford Chance has advised Banco Santander and Bayerische Landesbank. Cushman & Wakefield has advised the buyer in the sale process and CB Richard Ellis has acted on behalf of Prisa.

Drago Real Estate Partners is a property investment company which is managed by Mare Nostrum Capital Managers.

“From the beginning, we were very interested in this opportunity as it was a high quality property portfolio with leasing agreements involving highly reputable companies including the Grupo Prisa itself, Zara, Mango, H&M and Sfera. This transaction, coupled with thepurchase, in November last year, of 1,152 Banco Santander offices, together with Sun Capital and Pearl, demonstrates Mare Nostrum's capacity to raise finance and manage assets”, commented a Mare Nostrum Capital Managers spokesman.

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