‘Quirón Salud’ Considers Opening A Hospital In The Fifth Tower

7 October 2015 – Cinco Días

The Quirón Salud group is currently considering opening a hospital in the so-called fifth tower, the skyscraper that the Villar Mir group is planning to build at the northern end of the Paseo de la Castellana, on land that was previously home to Real Madrid’s former Ciudad Deportiva. This step would enable the company led by Juan Miguel Villar Mir to construct this emblematic building.

The Villar Mir group was awarded the plot of land next to the Cuatro Torres in April. The company is planning to build a new skyscraper on the site and has always hoped that building would house a private health centre. The corporation won this project, through its subsidiary Inmobiliaria Espacio, but does not have any tenants for the property for the time being.

Initially, the sector thought that the US hospital group Mount Sinai was the most likely candidate to occupy the skyscraper, in its first expected foray into Spain, but the numbers did not stack up for the healthcare company – it concluded that the rental charge was too high for a social use building, according to sources close to the operation.

Now, the baton may be passed to Quirón Salud, the main private hospital group in Spain, which was created following the merger of IDC Salud (formerly Capio) and Quirón. According to sources at the company, it is currently evaluating the project. The company has 70 health centres, including the Fundación Jiménez Díaz, and manages several public hospitals in Madrid, as well as a number of prestigious clinics such as La Luz, San José and the Ruber, in the capital and Teknon and Dexeus, amongst others, in Barcelona. However, the company has not yet confirmed what kind of centre or facilities it would consider opening in the tower.

Two weeks ago, it was announced that Villar Mir will receive help from the Swiss fund Corestate Capital to construct the skyscraper. In a statement, the company announced that the project will require investment of €240 million, and although it did not specify how much each partner will invest, it did say that the possible tenants will be “a hospital, university or government body”. In fact, construction of the property is not expected to start until the tenant (client) has been identified so that the building can be tailored accordingly.

Over the last few days, the possibility of opening a business school in the tower has been evaluated. Some market sources insist that it will be hard for Quirón to make the numbers stack up to open a hospital in the skyscraper.

Villar Mir acquired the plot of land in a tender after presenting the highest bid; the company will pay the Town Hall an annual fee of €4 million for 75 years, in other words, €300 million in total. The plot has a surface area of 67,000 m2 and a buildability of 70,000 m2, of which 52,500 m2 must be allocated to social use (for example, a hospital); the remainder will be developed as retail space. That part is precisely what the hundreds of employees who work in the four adjoining towers want the most, given the lack of restaurants and services currently in the area.

Villar Mir also owns one of those skyscrapers, Torre Espacio, which is currently up for sale, with an asking price of around €600 million. The possible bidders include international funds, such as UBS, Aca, Corporación Financiera Alba and Pontegadea.

Original story: Cinco Días (by A. Simón)

Translation: Carmel Drake

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