Madrid´s Metro Kick-Starts Auction of Its Plots

30/07/2014 – Cinco Dias

Since yesterday, Metro de Madrid oficially awaits bids from developers, co-ops and investment funds interested in participating in one of the biggest operations ever launched by Spanish capital´s subway. They shall deposit at least €2.4 million and an offer not lower than €81.8 million in order to be taken into account at the bidding for a 34.834 square meter area in the heart of Madrid.

Metro awards a plot located between the Bravo Murillo, the Reina Victoria and the Avenida Pablo Iglesias streets, where the firm´s depots currently stand on (pictured). The auction´s winner will be obliged to present a reform, reparcelling and develoment plan. Moreover, they will have to invest €30.7 million more in new depots for Metro.

So far, only Ibosa has submitted its bid for the plots. The developer selected the area for its Metropolitan project, assuming construction of 450 dwellings distributed over a residential tower and a building, as well as adding an office structure to the complex.

The operation is a part of a larger real estate enterprise by Metro which expects to earn €120 million from developing the total of 95.000 square meters. Aside from the Cuatro Caminos plot, the subway foresees taking action on the Plaza Castilla square and the Ventas district.

 

Original article: Cinco Días (by A. Ortín)

Translation: AURA REE

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