MADRID-An affiliate of the New York City-based WP Carey & Co. LLC has acquired the headquarters of Distribuidora de Television Digital SAU (DTS), a digital television studio here. The sale-leaseback transaction was for about $113 million.
The studio is a subsidiary of Promotora de Informaciones SA (Prisa), the largest Spanish and Portugese-speaking media company. According to a WP Carey statement, Prisa is trying to restructure and reduce debt, including the recent sale of a 22% stake in the pay TV business to Telefonica, a telecommunications company, and the Telecinco network. Also, Liberty Acquisition Holdings Corp. recently purchased a 30% stake in Prisa.
The 2-year-old headquarters building has been leased back to DTS under a 20-year triple net lease. “We see the current environment as an opportune time to build relationships and provide capital to solid companies in the European market,” said Jennifer Lucas with WP Carey. Her firm completed sale-leaseback transactions in Europe in the past year that include a facility for Panattoni Europe in Poznan, Poland in August and a $55 million deal for two warehouses in Spain in June. The company also acquired two office and logistics facilities in Zagreb, Croatia for $101 million in April.
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