The company has fully paid back the loan it had received from its main shareholder, Altaya, for a total of 38 million euro, since it decided to cancel the asset’s transaction on which it had subscribed «a pre-agreement for the purchase of the building», informed Zambal to BME Growth.
Thus, the REIT stepped back concerning the pre-purchase agreement it had signed last February. At the time, both parties set the 31st of July 2021 as the limit date for the purchase to be finalised.
According to the company, «this decision does not represent a change in terms of the company’s strategy or investment policy» and it remains confident in the future of the Spanish real estate market.
Zambal had planned to lease this building to automobile software company Vector Software System. The leasing contract would have a duration of 20 years, of which 10 years would be mandatory.
The office building – which is being submitted to a refurbishment carried out by Estudio Lamela– has a 10.500 sqm GLA, 174 indoor and more than 200 outdoor parking spots.
The real estate company managed by IBA Capital has mainly commercial and office assets, worth more than 1.1 billion euro. Zambal was created in 2013 and started being listed at MAB in December 2015, with a capitalisation of nearly 600 million euro.
Amongst Zambal’s most important operations was the purchase from Gas Natural of its headquarters located at Avenida de San Luis in Madrid in 2016, for 120 million euro. In Barcelona, the REIT transferred in 2019 a building located at plaza Cataluña, on the corner with Las Ramblas, to an investor group led by Bankinter. IBA Capital also owns the Nodo building.