Bankinter purchased Primor’s store at Puerta del Sol

Bankinter purchased Primor’s store at Puerta del Sol

Bankinter was charged with structuring the operation and creating the vehicle, without buying any stock, since the investors are Bankinter’s clients and investors lead the financial entity.

Up until now, the store belonged to funds Thor Equities and Invesco, which after purchasing the asset from the great warehouses converted it into a flagship store for brands such as Nike and JD Sports, but in the end, it was Primor which acquired it.

El Corte Inglés sold the asset to the two funds in 2016 for 65 million euro and with the commitment to leave it within a year. At the end of 2017, the asset was estimated at around ninety million euro, although this number may have dropped, according to market sources.

This operation within Madrid’s prime market, came after Bankinter sold Montepino’s logistic portfolio. The company’s investment banking department purchased its 95% share, which was owned by Cbre GI. 

The operation was carried out through a new REIT created for its private and institutional banking clients, which may, in the future, be listed at the Stock Exchange, according to the company itself.

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