- Our Services
- Residential Property Services
- Commercial Property Services
- Client Login
December 8, 2010
Tchenguiz sets sights on iconic Santander building
UK Property tycoon Robert Tchenguiz has started to renew his purchasing endeavours. He has organised an Abu-Dhabi backed consortium to purchase the ₤200 million of debt owed by Derek Quinlan and Glenn Maud to RBS. The loan is the backing for the entrepreneurs’ purchase of Santander’s Madrid Headquarters, which they bought in 2008.
Tchenguiz is not buying the property itself, at least not yet. He is purchasing the debt from RBS. If Quinlan and Maud are in breach of the loan, or have to default, then Tchenguiz will be able to acquire the property through legal channels. The safety of the investment is in the loan being repaid. If Tchenguiz never gets an opportunity to acquire the property, then his consortium still gets the loan payments, otherwise they have an opportunity to acquire the landmark building, which yields €95 million each year.
Santander’s Madrid Headquarters comprise a nine building complex, valued at roughly €2.3 billion.