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Metro’s Depots Go to Ibosa Paying €88 Mn

13/11/2014 – Expansion

Co-ops manager Ibosa was eventually awarded the land carrying the depots of Madrid’s subway. The plot, also desired by real estate firm Pryconsa, stood at an asking price of €81.8 million.

Finally, Ibosa won by outbidding Pryconsa with its €88.321 million offer. Few days back, the latter was awarded another plot located in Madrid’s center by Spanish RTVE, having its Estudios Buñuel television studio thereon.

For the depots of Metro, Ibosa designed a housing estate (project pictured) including a 25-storey tower and three other 8-floor buildings. Inside them, 452 unsubsidized and 67 subsidized apartments will be developed and priced from €239.000 for the first and €185.000 for the second type.

‘Over the last three months, we have made a great commercial effort to attract cooperatives and raise equity for the plot purchase’, explains Ibosa’s CEO Leopoldo Moreno. Before constructing the dwellings, Ibosa will underground the new depots and create a 20.000 square meter green area. ‘First of all, we will look to civil engineering which may take up to 18 months. Then, the building works will start and we are planning to complete the homes within two and a half year’s time’, Mr. Moreno points out.


Original article: Expansión (by R. Ruiz)

Translation: AURA REE