Metro´s Properties Up For Highest Bidder Auction

21/02/2014 – El Mundo

In order to win through the negative numbers, the Metro de Madrid puts up for auction four properties in the capital. Sealing the deal is foreseen for 2017 and during the “best bidder” auctions the company may gain about €120 million.

The offer includes engine sheds, land and buildings situated in Ventas, Plaza de Castilla, Cuatro Caminos and Pacífico. Obsolete installations of the underground train will give way to dwellings, green areas, fixtures and fittings and shopping centers.

“Both the Metro and the city will benefit from the decision”, says spokesman for the Madrid´s Community, Salvador Victoria. “The Metro will cut in costs and by so will be able to invest in improvement of service quality”.

The first stage of the process will involve putting up for auction a warehouse in Ventas of 32.000 square meters of developable area. Allottee will be obliged to landfill the engine sheds and in exchange they will be allowed to destine the floor under a shopping center. (…).

When it comes to the Plaza de Castilla Square, an underground garage for the Metro´s wagon is under design. Three buildings will remain within sight, two of them belonging to the company and one to the Community of Madrid. All of them will be converted into offices, shops and a parking.

In turn, the engine sheds in Cuatro Caminos, covering more than 62.000 square meter developable floor, will be mainly intended for residential use, including subsidized homes. Also, few tertiary and a new green area will appear there.

Last, but not least, headquarters of the Metro on the Cavanilles Street will be moved to the Canillejas district, where presently are found company´s central workshops. Vacant building in the Pacífico district of 31.000 square meters will be desined for house construction.


Original article: El Mundo (Marta Belver)

Translation: AURA REE