The fund Farallón has decided to put the Mandarin Oriental Hotel on Paseo de Gracia in Barcelona up for sale for 200 million euros, according to idealista news. The fund has owned the property since March, when it acquired the debt of the businesswoman María Reig.
Reig Capital, owned by María Reig, used to be the owner of the Mandarin Oriental in Barcelona, but in March, the California-based investment fund bought the debt that the Andorran group held with Caixabank, which amounted to around 450 million euros. The Andorran group’s debt dated back to 2006, when La Caixa withdrew its stake in Crèdit Andorra and Reig executed the preferred option to purchase 17% of the bank’s shares with a loan granted by the Catalan bank itself, which had disposed of its own stake.
Read the full article in Spanish.