Pryconsa is Awarded the Bus Depot Plot in Madrid for €19.1M

15 January 2018 – Eje Prime

Pryconsa didn’t end up having to put up a fight for the plot in Carabanchel. Rather, the Spanish property developer was awarded the plot that used to house the EMT (Municipal Transport Company) bus depot in Madrid, for which the Town Hall was asking €16.3 million and for which it will end up receiving €19.1 million. In reality, no one else submitted a bid in the auction for this residential-use plot on which around 268 homes may be built and which has an available buildable surface area of 26,820 m2.

The total surface area of the land spans 37,475 m2 and, at the height of the pre-crisis boom, it was worth €75 million, according to El Confidencial. The plot has been put up for sale before, on up to five occasions, without success for the Spanish capital’s Town Hall. Now, and despite the clear decrease in market prices, the EMT has managed to improve the asking price with which it started the auction a month ago by 21%.

Located in the neighbourhood of Buenavista, interest in the plot has changed sharply over the last decade. The first auction for the plot was held in 2006, when besides the company chaired by Marco Colomer (Pryconsa), the EMT also received offers that were significantly higher than the current one from several other large real estate companies, some of which no longer exist. Back then, possible suitors included Colonial, Reyal Urbis, Sacyr, Fadesa and Agofer, the property developer owned at the time by Juan Antonio Gómez Pintado, the current boss of the emerging Vía Célere.

Original story: Eje Prime

Translation: Carmel Drake

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