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June 8, 2014

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Tycoon buys skyscraper

June 8, 2014, Sunday | Print Edition

CHINA’S richest man Wang Jianlin has bought a historic Madrid skyscraper, which has stood empty for years, from Spain’s biggest bank Santander for 265 million euros (US$360 million), the bank said on Thursday.

The 25-story tower of offices and apartments, completed in 1953, dominates one end of the Plaza de Espana square in Madrid.

It has stood empty since 2006, a symbol of the 2008 real estate collapse that thrust Spain into a double recession that wiped out millions of jobs.

Spanish officials had expressed hope the sale of the building would breathe new life into the neighborhood, a key part of the city.

Santander said it sold the white and red brick Edificio Espana to Renville Invest, a subsidiary of Chinese conglomerate Dalian Wanda which is chaired by Wang.

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