The property had been acquired by Lone Star in 2015, when it was foreclosed by this equity firm due to a €632M debt secured by Joaquin Rivero's property firm Bami.
The Adequa park was one of Bami's star projects. Opened in 2007, it has a total surface area of over 107,000 sq. m. and comprises several buildings — one of them a service centre with commercial space measuring about 5,000 sq. m., and the rest office buildings. Companies like Técnicas Reunidas and automobile manufacturer Renault have their head offices there. In addition, it encloses enough land to contain two more buildings, including a 29,000-square-metre, 24-storey tower centre.
By the end of the first half this year, Merlin owned 584,969 sq. m. of office area, worth €2,337.7 million, but its property portfolio has been multiplied since merger with Metrovacesa was agreed last 15 September. Therefore, the new Merlin owns a property portfolio made up of 84 real-estate units covering more than a million square metres and worth €4,172 million.