10 January 2018 – Eje Prime
Colonial is getting out its cheque book to inaugurate 2018. The Socimi led by Pere Viñolas has reached an agreement to acquire a plot of land with a buildable surface area of 100,000 m2 in Méndez Álvaro, in Madrid. The group plans to build offices on this plot, which is located next to Repsol’s headquarters and close to Atocha train station.
The land operation is one of the most important that Colonial has undertaken in the Spanish capital since the Cuatro Torres, according to El Confidencial. The agreement has been closed off-market, directly with small landowners.
This move will lead to the definitive launch of the urban planning project in Méndez Álvaro, which received the green light last year for the development of 129,700 m2 of land, with a buildable surface area of almost 250,000 m2, split between residential (185,313 m2) and tertiary use (61,771 m2).
The emergence of the Socimi in this operation suggests that in the end, there will be a greater weight of offices in the area, taking advantage of the dual-use (residential and tertiary) assigned to the plots that border Calle Méndez Álvaro.
Original story: Eje Prime
Translation: Carmel Drake