Funds, Co-ops & Insurers Bid For Very Desirable Plot of MOD

22/10/2014 – Expansion

Today is the deadline for submitting bids for one of the most wanted plots in Madrid’s downtown currently up for sale. To refresh the memory, the Ministry of Defense sells land located on the Raimundo Fernandez Villaverde street in the capital, adjacently to the Azca and the El Corte Ingles – Nuevos Ministerios department store.

The parcel, formerly carrying the headquarters of Tpycea (Spanish artillery’s electrotechnical improvement center), has 14.546 square meters, as well as 54.225 buildable square meters, with a cap height permitted of 8 stories. The plot is intended for all residential, office, hotel and retail building structures.

Asking price of the piece of land amounts to €90,278 million, as per real estate portal that trades the plot.

Until now, nearly 20 potential buyers have got interested in the property, mostly cooperative housing managers (project of Ibosa for the land pictured), international mutual funds, insurance companies and financial entites, among others.

The plot will be auctioned on November 5th.


Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE