20 November 2018 – Expansión
CaixaBank and Allianz have granted a €135 million loan to finance the construction and operational launch of Caleido, a project led by Inmobiliario Espacio, the property developer of the Villar Mir Group, and MegaWorld Corporation, the business conglomerate owned by the Philippine multi-millionaire Andrew Tan.
Caleido, which will constitute the so-called Fifth Tower in Madrid, is going to comprise a vertical 35-storey building, which will contain the facilities of Instituto de Empresa, and a second horizontal building at the base comprising four above ground floors and standing 17 metres tall in which Quirón Salud is going to manage an advanced medical centre. Moreover, Caleido is going to include an extensive commercial and services area, as well as lots of green space for Madrid and its citizens.
The loan, which has a 10-year term, will finance the construction period until the hand over of the property, in the final quarter of 2020, as well as seven years of operation.
The property developers have explained that the aforementioned agreement will cover the financing needs of Caleido, with a total estimated investment of approximately €300 million.
“This operation strengthens the confidence that financial institutions have in the project and the great expectations that are being generated around its construction. In this way, the technical solvency of the project is clear, as is its future management and operation”, said the property developers.
Caleido – designed by the architecture studios Fenwick & Iribarren and Serrano Suñer Arquitectos – will be located in the epicentre of the new financial district of Madrid and will serve to eliminate a scar from the north of the Spanish capital, connecting Paseo de la Castellana and Anida de Monforte de Lemos, as well as revitalising the current business complex.
The project is being built on some plots owned by the Town Hall of Madrid, granted to Espacio Caleido through a concession arrangement for the construction and operation of the project for the next 75 years. In exchange, Espacio Caleido will pay an annual fee of €4 million. The launch of Project Caleido will generate around 2,400 jobs during the construction period and another 3,992 jobs once it is operational.
Original story: Expansión (by R.A.)
Translation: Carmel Drake