The bank Santander announced it completed the sale of the Edificio España, an iconic property in Madrid, to the Chinese group for some 265 million Euros.
Dalian Wanda Group is setting foot in Europe. The Chinese conglomerate, specialized in operations of hotels and shopping centers, completed the acquisition of an iconic property in Madrid from the bank Santander. The building is the Edificio España, 117 meter tall building inaugurated in 1953 that the Dalian Wanda Group bought for 265 million Euros.
The Chinese group plans to open a luxury hotel with shopping center. The Edificio España was previously home to a Crowne Plaza hotel, a shopping center, private residences and offices before closing in 2006 for renovations that were later put on hold.
This is not the first time the Chinese group has tried to establish its presence on the European market. Last year it announced it would build a luxury hotel in London, representing a total investment of more than 850 million euros (read our article). Dalian Wanda Group currently has an assets portfolio valued at close to 46.2 billion euros, including 85 shopping centers in China and 52 luxury hotels branded Wanda Hotels & Resorts.
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