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.

To contact the reporter responsible for this story: Blanche Gatt in London at bgatt@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net