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Tuesday, May 21, 2024

Baker assists Colony in the sale of Triángulo Princesa complex

Baker McKenzie has counselled Colony NorthStar on its sale of Triángulo Princesa complex to Brookfield

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Canadian fund Brookfield has completed the purchase from Colony NorthStar of the Triángulo Princesa complex, located in the Argüelles district. The asset totals 63,000 square metres, which includes the four-star Hotel Princesa, with 423 rooms, a vacant 4,600 square metre office building, six commercial premises, and a car park.

Brookfield’s purchase of the Hotel Princesa for 175 million euros was announced in early May, but the figure for the acquisition of the entire complex has not been made public.

This acquisition represents Brookfield’s largest addition to its Selenta platform, acquired in 2021, and complements its portfolio of assets in Barcelona, Marbella and Tenerife. Brookfield’s plans are to reposition the complex and transform the hotel property to act as Selenta’s calling card in Madrid.

Baker McKenzie’s team advising Colony on this deal was led by RE partner Guillermo Rodrigo along with senior associate Paloma Alcón and associate Marta González Iniesta. Other members of the team included Banking & Finance partner Rosanna D’Onza, Banking & Finance senior associate Marina Martinez and Tax team leader Bruno Keusses.

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