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Banco Santander Grants €40 Million Loan to IBA Capital and CBRE GI

The loan is to acquire the Gran Vía 18 building, which will become the new flagship store of the marketplace owned by Dimas Gimeno, former president of El Corte Inglés.

Wow Gran Via 18 1

Banco Santander has granted a €40 million loan to Iberia Project Development, owned by IBA Capital and CBRE GI. This loan is to develop the building at Gran Vía 18, WOW Marketplace’s new flagship store, founded by the former president of El Corte Inglés, Dimas Gimeno.

According to Expansión, this property is valued at €90 million and is being refurbished and repositioned as a commercial asset. The loan-to-value of the loan is 40%, taking into account the asset’s valuation.

Gran Vía 18 is located in one of the main commercial hubs of the Spanish capital. Built in 1913, from 1940 onwards, it was an office complex, eventually housing the Justice Department of the Madrid Regional Government.

The new store will open in autumn this year and will have 5,500 square metres of space. The initial idea of the company that owns the asset was to allocate 2,300 square metres to a shop, 3,000 to offices and 400 to a restaurant with a terrace.

Read the full article in Spanish

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