July 3, 2019 / 12:35 PM / 3 months ago

Santander reaches accord to buy back its Madrid HQ - source

MADRID, July 3 (Reuters) - Spain’s Santander has reached an agreement with the billionaire Reuben brothers to buy back its headquarters in Madrid, a source with knowledge of the matter said on Wednesday.

In January a court ruled the brothers had won a tender with a cash bid for the complex, net of debt, of 283 million euros ($319.17 million).

“There’s an agreement with the Reuben brothers to buy back the (property),” a source with knowledge of the operation said, adding that it still needed to be signed.

Santander declined to comment while the Reuben brothers’ office was not immediately available for comment.

Santander pays millions of euros in monthly rent to the owner of the 250 hectare plot whose nine futuristic buildings include offices, restaurants and a residence for its employees, which has an enterprise value of almost 3 billion euros.

$1 = 0.8867 euros Reporting by Jesus Aguado; Editing by Paul Day

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