Overview

• Emperador Properties paid €76 million to Incus Capital for the remaining 50% stake in Caleido.
• Finalised on June 12, the transaction builds on Tan’s 2016 purchase of 49% and follows Incus’s 2021 takeover from Espacio after the latter defaulted on debt.
• BBVA provided a €40 million mortgage at Euribor plus 1.7% with a 15-month bullet repayment term.
• Caleido covers 138,000 sqm and includes IE University’s vertical campus, a Quiron healthcare complex and a 15,000 sqm open-air shopping center.
• The acquisition reinforces Emperador’s footprint in Madrid’s Castellana district and expands Tan’s €1 billion-plus Spanish property portfolio.