Tchenguiz Group Targets Santander Madrid Headquarters, FT Says

Dec. 7 (Bloomberg) -- U.K. property tycoon Robert Tchenguiz is heading an Abu Dhabi-backed group that has agreed to buy about 200 million pounds ($315 million) of the debt owed on Banco Santander SA’s 2.3 billion-euro ($3 billion) Madrid-based headquarters, the Financial Times reported, citing a person familiar with the matter. If the debt becomes in breach or expires, the group would have the opportunity to gain control of the development, the FT said.

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