Adif & Repsol To Auction Off Plot In Madrid For €27M+

Adif and Repsol have put a plot of land in Madrid up for auction for a minimum price of €27 million, according to the companies, which makes it the largest plot of available land in the centre of the capital, with possibilities for urban development in the short term.

The plot in question is located on Calle Méndez Alvaro in the capital, next to the headquarters of the oil company. It has a surface area of 2,107 sqm and a buildability of 14,859 sqm for the construction of new homes.

The land is owned jointly, in such a way that Adif owns a 42% stake, Repsol owns a 21.5% stake and the Junta de Compensación de Méndez Alvaro Norte I owns the remaining 36.5%.

Joint operation

The three entities have opted to undertake a joint operation to sell the plot with the aim of “improving the efficiency of the sale and benefitting from synergies”, according to Adif in a statement.

The public railway infrastructure company, the oil company and the Junta de Compensación are bringing the plot to auction at a time when the new home sector in Spain is enjoying a recovery, particularly in large cities such as Madrid.

In this sense, the owners of the land consider that the plot is located in an area “of significant interest for the real estate market”, given that it has several public services, as well as connections with Atocha train station and the local train and bus station in Méndez Alvaro.

Similarly, the enclave is located right next to the M-30 ring road, with large green areas and next to a number of company headquarters, including Repsol’s.

Submission of offers

Investors interested in acquiring the plot have until 2 November to submit their bids to Adif, which will then open them on 11 November.

In the case of Adif, the sale of this land forms part of its plan to rationalise those assets not linked to railway operation, which the public company is carrying out to raise funds to invest in infrastructure.

Under the framework of this policy, the company, which reports to the Ministry of Development, transferred the operation of its fibre optic network and car park stock to a private firm, is auctioning and selling off stations that no longer have railway activity, and is also selling homes and other real estate assets, including a plot of land on Paseo de la Castellana in Madrid, which El Corte Inglés acquired last year.

Original story: El Economista

Translation: Carmel Drake

Original Story:

Translation/Summary: Carmel Drake