Ibosa & Pryconsa Submit Bids For Metro’s Best Plot

30/10/2014 – Cinco Dias

Real estate companies Ibosa and Pryconsa have been the only to submit bids for the Cuatro Caminos plot auctioned by Madrid’s Metro. The Ibosa group attended the tender as a cooperative. Asking price was set at €81.8 million.

The four-hectare piece of land is situated between the Cuatro Caminos, the Avenida Pablo Iglesias and the Bravo Murillo streets. Its buildable area exceeds 62.000 square meters. The winner will have to award 27.560 square meters for a public building and intend 10.026 square meters for green areas.

If it is Ibosa, the firm is going to construct 450 dwellings inside an over-25-storey tower with three terraces and hanging gardens.

Now, Metro will view the offers and check if the bidders meet the administrative requirements set for the tender. If they don’t, they will have three days to rectify it. If they do, the process will take the next stages, involving a possibility of raising the bid.

The name of the winner will be revealed in November and the plot will be conveyed in December.

This auction is just a part of the large-scale venture of Metro, aiming at shedding real estate assets for at least €120 million. In total, 95.000 square meter areas occupied depots and other facilities will be developed.


Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE