Spain’s First Logistics Megahub will Open in Antequera (Málaga) in 2019

19 April 2018 – Cinco Días

The first logistics megahub in Spain is starting to become a reality almost a decade after it was initially proposed. The entity known as Megahub Andalucía – a public-private initiative – has engaged the consultancy firm CBRE to search for the first major operators ahead of the imminent authorisation of the project that the Junta de Andalucía is expected to grant in June. At stake is €350 million of investment in an industrial hub for the south of Spain and north of Africa, which should be ready by 2019.

Megahub Andalucía is located in the municipality of Antequera (Málaga), in what the European Union calls a multi-modal hub, given that the European Atlantic and Mediterranean railway and road goods corridors meet at this point, the ports of Algeciras, Málaga and Sevilla are all close by, as is the AVE station in Antequera and the airport of Málaga (the fourth largest for cargo transport in Spain).

“Megahub Andalucía is located in the centre of Andalucía with respect to the large populations, both in terms of consumption and production”, says Ramón Vázquez, head of the project at CBRE. The word hub is used because several European transport networks converge on this point and the pre-fix mega has been added, in turn, because the warehouses that are going to be constructed on the plots will extend up to 200,000 m2.

The Junta de Andalucía holds a 40% stake in the company, through Red Logística de Andalucía, and the remaining 60% is held by a private company Puerto Seco de Antequera, which comprises, in turn, several companies, most notably Acotral, a local operator that has been an integrated supplier of Mercadona since 2003.

The Junta is expected to approve the special plan in June, which will allow work to start of the urbanisation of the area, after many years of delays. “The project was launched 10 years ago but has been delayed on several occasions due to urban development problems and due to the crisis. It was conceived as a logistics area and is now being reborn as a logistics megahub”, says the expert at CBRE.

The urbanisation work may begin in June and will have an estimated cost of €70 million, which will be funded by the Junta and the company Puerto Seco de Antequera. Later, around €280 million of funding will be received from investors and operators to build the macro logistics warehouses and production centres. In theory, the megahub should be operational by the end of 2019 or beginning of 2020.

The logistics hub in Antequera spans 3.3 million m2, of which 1.03 million m2 is going to correspond to logistics warehouses. There will also be an industrial park, destined to production activities, measuring 919,000 m2, plus a service centre (comprising a hotel, restaurant, training centre, businesses…) spanning 317,000 m2 and finally a railway terminal, which will connect with the goods station in Bobadilla (owned by Adif).

The project coincides with the huge boom that the logistics market is sparking in Spain, due to the reactivation of the economy, the pull from e-commerce and the needs of the major operators such as Amazon. Last year, more than 1.5 million m2 of logistics space was leased, according to data from CBRE, up by almost 20% (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Operación Chamartín Receives the Green Light for 10,500 Homes

17 April 2018 – El País

The Ministry of Development, the Town Hall of Madrid and the property developer Distrito Castellana Norte have reached an agreement to give the green light to Operación Chamartín, the largest urban planning project in Madrid. After more than two decades of blockades, the new plan reduces the buildability of the previous projects, with the construction of 10,510 homes in the north of the capital, 6,500 fewer than initially planned, plus a large business centre and the remodelling of the train station.

The Minister for Development, Íñigo de la Serna (pictured above), confirmed on Tuesday, that his Ministry, the Town Hall of Madrid and the property developer Distrito Castellana Norte had finally reached an agreement to initiate the procedures for the modification of the General Urban Development Plan (PGOU) of the Madrid Nuevo Norte project, known as Operación Chamartín.

In this way, the largest urban development plan in Madrid has been unblocked (at least on paper) after 25 years of obstacles and litigation cases under different governments, both from the Central Executive as well as from the Town Hall of Madrid, although the building work will not start for several years.

The project is a modification of the agreement principle reached last July, but with significant changes, such as a 6% reduction in the buildability, down from 2.83 million m2 to 2.66 million m2. Compared to the size of the project when Ana Botella was leader of the Town Hall in 2015 (3.37 million m2), the decrease in buildability amounts to more than 26% (…).

Details

20% of the homes will be subsidised (2,100 homes), double the minimum established by law, and the Town Hall led by Manuela Carmena has already announced that it will allocate the cession of use that corresponds to it to social housing. Moreover, a business centre spanning 1 million m2 is going to be built and Chamartín train station will be renovated, with the permission of Adif, a subsidiary of the Ministry of Development.

De la Serna explained that the documentation to begin the processing of the project was registered on Monday with a document that seeks to give the green light to this urban transformation, which means that in July, the initial approval will be received and the process will be completed by the end of the year (…).

Original story: El País (by Ramón Muñoz)

Translation: Carmel Drake

Distrito Castellana Norte Considers Becoming Socimi for Stock Market Listing

23 March 2018 – EjePrime

Distrito Castellana Norte (DCN), the developer and owner of much of Operación Chamartín’s lands, in Madrid, is not ruling out the possibility of a stock market listing, using its large portfolio of rental properties.

The company has the rights to the lands managed by Adif in the area surrounding the Chamartín railway station, and where an entirely new neighbourhood will be built. The municipal plan, called Madrid Nuevo Norte, which the company and the City Council are still working on, foresees the development of up to 11,000 homes on the land, as well as a business centre composed of several office towers.

This last area may be the focus of a new line of business for DCN. The Madrid-based company, run by Antonio Béjar, does not rule out the possibility of converting itself into a socimi and taking advantage of the portfolio of rental office assets that the company will have at the end of the project, according to Cinco Días.

Currently, DCN is unable to convert itself into a socimi. The company plans to invest up to 6 billion euros to purchase land (of which, 1.2 billion will go to Adif), buildings, developments and infrastructure.

Distrito Castellana Norte is 75% owned by BBVA, while the remaining 25% belongs to Grupo San José. “Spain’s regulatory framework limits the capacity for intense capital growth in socimis, so I believe that for the moment, such a conversion will be difficult, but in the future it is possible that at some point we may become a socimi,” Mr Béjar acknowledged Thursday during a conference on the real estate sector that was organized by Iberian Property and the European Public Real Estate Association (Epra).

Original Story: EjePrime

Translation: Richard Turner

Adif Has c. 80 Homes & Land Up For Sale Worth €10M

14 January 2018 – Cuatro

The state-owned company is taking advantage of the recovery in the sector by selling properties; and is also hanging the “for rent” sign up on around fifty other premises. 

Adif, the public company responsible for promoting and managing Spain’s railway network, has around eighty real estate assets up for sale, primarily homes and land, spread across several Spanish provinces, whose prices amount to a total of €9.8 million.

The public company, which forms part of the Ministry of Development, is whereby pushing ahead with its divestment policy of assets that are not necessary for its railway activity, to coincide with the recovery in the real estate sector.

By virtue of this strategy, Adif is selling or transferring the management of assets not affected by its core business, the construction and management of railway lines, with the objective of optimising the management of its real estate portfolio and obtaining additional resources to continue investing in the railway network.

Within the framework of this policy, the company chaired by Juan Bravo has also put 56 commercial premises up for rent. The properties are located in a total of 16 provinces, according to data from the company compiled by Europa Press.

In terms of the homes up “for sale”, they are assets that were left unselected in previous auctions. The flats are located in towns or capitals of thirteen provinces and their sales prices range between €16,000 for a home in Venta de Baños (Palencia) and €131,000 for another home located in Jérez de la Frontera (Cádiz).

Nevertheless, the assets that Adif is looking to sell include several noteworthy plots of land, specifically, six in Madrid and one in Leganés.

Plots in Madrid, the jewel in the crown

The latter is the most extensive, given that it is an urban plot measuring 3,608 m2, with a maximum buildability of 5,232.26 m2. It has been put up for sale for €2.14 million.

Other assets include homes in Jérez de Frontera, measuring between 72 m2 and 99 m2, with two or three bedrooms and a parking space, with prices of between €90,000 and €131,000, as well as several commercial premises in Valencia capital.

The rest of the homes for sale, which are either new or in need of work, are located in the provinces of A Coruña, Ávila, Ciudad Real, León, Ourense, Palencia, Salamanca, Tarragona, Valladolid and Zaragoza.

Adif is adding this new round of divestments to those undertaken in previous years. In the real estate sphere, at the end of 2014, it sold a plot of land on Paseo de la Castellana in Madrid through a public auction. That site was awarded to El Corte Inglés for €136 million and is located right next to the retailer’s largest store in the country.

Two years later, the real estate company Vía Célere purchased a plot from Adif, and also from Repsol, which those two companies jointly owned in the Méndez Álvaro area of the capital for €29.1 million.

Beyond this sector, a few years ago, Adif granted concessions for the management of the parking lots in its train stations and of its fibre optic network, one of the largest in the country. The first was awarded to Saba and the second to REE.

Original story: Cuatro

Translation: Carmel Drake

Adif Sells Plot in Madrid for 80% More than its Original Asking Price

2 January 2018 – El Confidencial

It has been, without a doubt, the clearest example of the overheating in the prices of buildable land in Madrid. Adif has just concluded the auction of several plots in Dehesa Vieja, San Sebastián de los Reyes, which it launched at the beginning of October. The asking price was set at €9 million and in the end, the state-owned firm has obtained proceeds amounting to €16.3 million, in other words, 80% more than initially expected.

The plots, which have a buildable surface area of 10,500 m2, sparked interest amongst much of the property development sector, given that they are located in one of the most sought-after and rapidly growing areas of the Community of Madrid. Up to 13 property developers participated in the first auction held on 3 October, including some of the industry stalwarts.

From Gestilar to Amenábar Promociones, and including the renewed Acciona Inmobiliaria and Pryconsa. Other participants also included Monthisa, Aelca, the listed firm Neinor Homes, Procisa and Solvia. And one cooperative: SS de los Reyes Sociedad Cooperativa, owned by the Asentis group, which after going head to head with the real estate company owned by the Entrecanales family over the last month, has ended up acquiring the sought-after plot. And the reality is that, after a couple of years on the back burner, cooperatives have returned to the market with a bang and are showing that they are capable of competing, economically speaking, in spaces where traditional property developers cannot or do not want to operate.

Adif’s auction is a clear example. SS de los Reyes Sociedad Cooperativa has won the bid with an offer of €16.3 million, compared to the figure of just over €16 million that Acciona Inmobiliaria was willing to pay and which represents a land (impact) price of €1,550/m2. Just too high, in the eyes of many of the interested parties who threw in the towel along the way and who marked a top price of around €1,200/m2.

To give us an idea, the price paid by the cooperative (…) means that the future homes that are going to be constructed on the site will have to be sold for around €2,400/m2, or around €2,900/m2 if the aforementioned offer had been presented by a property developer, since it would have to include its margin to sell the homes and ensure it did not make a loss (…).

“It is important to consider that the homes planned for the site are large, measuring between 130 m2 and 140 m2 and that if we exceed prices of €400,000 for a three-bedroom home, then no matter how much prices rise by, middle-class families start to have limitations in terms of financing, and, therefore,  problems when it comes to buying such homes”, according to sources at one of the property developers that participated in the bid.

And it is not the only land operation to have raised the alarm. For months now, the market has been seeing sales of buildable plots of land at prices that were unthinkable just a couple of years ago. Recently, the Mutualidad de la Policía (Mupol) managed to sell three plots of buildable urban land – in other words, ready to build on – for around €2,250/m2 to another cooperative manager, Gesvieco, which has placed between €40 million and €42 million on the table for the plots that span 5,500 m2. The traditional and conservative property developers such as Pryconsa and Vía Célere were not willing to pay that price (…).

To give us an idea, 24 months ago, according to data from Foro Consultores, buyers were paying €800/m2 for buildable land. In other words, in two years, land prices have doubled. This (impact) price means that the price of homes for end users has increased from around €2,300/m2 to €3,100/m2.

Operación Calderón, the next major operation

Nevertheless, if there is an operation that can break all records, it is the one involving the plots that Atlético de Madrid owns next to the Vicente Calderón Stadium. The club is asking around €200 million for that package of land, in other words, around €3,500/m2, which would give rise to homes with prices of €6,000/m2, well above the price for the area, which ranges between €3,000/m2 and €4,000/m2 (…). The interested parties have already submitted their binding offers, now the club just needs to choose the best suitor.

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

UBS Finalises Purchase of Torre Titán from España-Duero for €50M

29 December 2017 – Voz Pópuli

UBS is on the verge of closing one of the largest real estate operations of this year-end. The Swiss entity is negotiating the purchase of one of the two Titán towers, owned by Banco Ceiss (España-Duero), a subsidiary of Unicaja. The sale is in its final phase and could be closed within the next few days, for more than €50 million, according to financial sources consulted by Vozpópuli.

The final consideration may even reach €55 million, which is exactly the price that España-Duero paid Nozar for the tower in 2008. That acquisition caused a great deal of controversy at the time to the point that some of the former directors of Caja Duero were subjected to investigations, but the case was archived in the end.

The Titán towers are two 13-storey buildings constructed by Nozar in 2008. One of them is owned by Invesco (which acquired it in 2011 for €40 million) and leased to the state-owned firm Adif. The other one is owned by España-Duero and it not only houses the headquarters of Unicaja’s subsidiary but is also home to Nozar and Enagás.

Ceiss continues

This process has been led by Irea, according to El Economista, and two other consultancy firms, Knight Frank and Aguirre Newman, have also been involved, in the search for tenants for the 30,000 m2 of available space. The useful surface area for offices is 10,722 m2.

According to sources close to the operation, España-Duero is expected to commit to continue to occupy the offices. The entity is in the middle of a merger with Unicaja, after the Malagan entity acquired the 12.5% stake that it did not own in the subsidiary from the Frob.

During the IPO in the middle of this year, the heads of Unicaja expressed their intention to merge the two companies (Unicaja and Banco Ceiss). As such, observers in the market speculate that Torre Titán will serve as the new headquarters for the central services team in Madrid.

The sale of Torre Titán will be added to the list of divestments that the Unicaja Banco group has been carrying out in recent weeks. Earlier this month, it sold a portfolio of foreclosed assets to the fund Axactor, as this newspaper revealed.

Original story: Voz Pópuli (by Jorge Zuloaga)

Translation: Carmel Drake

El Corte Inglés Should Receive Approval for Madrid Mega-Centre in March

23 December 2017 – Expansión

Three years have passed since El Corte Inglés acquired the most sought-after plot of land in Madrid, a space measuring 13,000 m2, located on Paseo de la Castellana. The group paid €136 million to be awarded the land, previously owned by Adif, in a deal that involved an initial payment of €68 million, followed by the disbursement of the remaining amount three years later. And that is also how long it has taken for El Corte Inglés to process the paperwork to allow it to expand the jewel in its crown, its Castellana shopping centre. According to sources familiar with the process, in January, the Town Hall of Madrid will submit its approval of the definitive plan to the central Spanish Government (…). According to the same sources, if all goes according to plan, El Corte Inglés will receive the green light to expand its Castellana megacentre in March, or, in any case, before the summer.

A complex project

The wait of more than three years to unblock the project has been due to a mix of complexity and bad luck. The urban planning proposal for the land established a total buildable surface area of 35,192 m2, of which 10,176 m2 corresponded to three above-ground storeys for tertiary use and 25,000 m2 to four underground basement floors for parking.

This proposal was very complex given the location of the land, located as it is, right on top of the Nuevos Ministerios Metro and Renfe stations (…).

Once it has been given the green light, it is likely that El Corte Inglés, which declined to comment, will not take long to start the building work to expand its Castellana centre. Its flagship store in the Spanish capital spans a surface area of more than 170,000 m2, with 70,000 m2 of retail space spread over seven floors and 1,600 underground parking spaces. More than 3,000 people work there.

According to sources in the sector, El Corte Inglés will also take the opportunity (of the construction of the new building) to reorganise the retail space that it owns in Nuevos Ministerios, and which includes its stores located between number 83 and 85 Paseo de la Castellana, which it sold to the real estate firm Monthisa in September 2016 through a sale and leaseback agreement (…).

Premium fashion and gastronomy

The marketing and design of the new retail space that El Corte Inglés is preparing to build on the land acquired from Adif is being carried out with the utmost secrecy by the retailer, which has refused to hire real estate agents like normally happens in these types of projects (…).

The most likely course of action is that it will create a premium space to house luxury brands and the highest-level gastronomy – although that is not the only possibility that the retail chain is currently contemplating -. That would strengthen one of the main objectives of its star centre: to attract tourist shoppers in the capital (…).

Original story: Expansión (by V. Osorio and R. Ruiz)

Translation: Carmel Drake

‘Valencia Parque Central’ Reorganises City Centre Plots to the Benefit of Adif & Sareb

18 December 2017 – El Confidencial

The large urban planning operation to reorganise the railway access in the centre of Valencia has an aristocratic influence. The public company responsible for carrying out the project, Valencia Parque Central (VPC), and the city’s Town Hall have just finalised the reparceling of the land that has been released for the execution of the project’s first phase, which comprises the construction of a large park, the train access channel and the generation of residential building. Two aristocratic families have been included in the restricted group of owners of land susceptible to being built on – the Prat Dupuy de Lome y Puigmoltó family (…) and the Gómez Trénor Trénor family (…).

The Prat Dupuy de Lomes and the Gómez Trénors share plots with Juan Giner, a Valencian businessman, who has appealed the reparcelation (…).

Giner, the Prat Dupuy and the Gómez Trénor are among the few private owners that have held onto their plots on the site affected by the Parque Central PAI. In reality, the main beneficiary of the large urban reorganisation project is Adif, the Ministry of Development’s railway infrastructure company, to which almost 90,000 m2 of buildable space has been awarded, either directly or indirectly, with an estimated value of almost €40 million (…).

VPC and Adif have started to market the plots corresponding to phase 1A; they are located around the Joaquín Sorolla AVE train station and on the other side of the first stretch of the garden area, in accordance with Kathryn Gustavson’s plans. The idea is that the funds obtained from the profits resulting from the reclassification will help to finance the first round of work to adapt the railway access channel, as agreed by the Ministry of Development, Íñigo de la Serna, the councillor for infrastructure, María José Salvador, and the mayor Joan Ribó (…).

The VPC’s Board of Directors still needs to meet to agree the calendar for the plot auctions and the structure of the sale (whether the plots should be grouped together or sold individually). Meanwhile, Adif is already looking for buyers for the three plots that it has been awarded directly, initially worth just over €13 million and with a buildable surface area of 27,000 m2. Sources at the tripartite company admit that local investors and developers have expressed interest in the plots, which are all developable and which are located in the heart of the city centre. Lots of players are expected to participate in the bidding. The plans for this first phase involve the construction of 1,0000 homes and retail premises.

A hotel for Sareb?

Although Sareb has been given a lot less land than the Ministry of Development, it has also ended up winning from this first reparcelation (…). For the time being, it has been awarded a plot measuring just over 300 m2, but with a buildable surface area of 3,100 m2. The asset has an unbeatable location, right next to the Joaquín Sorolla AVE train station, and so it is likely that it will house a residential development, or a 70-room hotel, according to predictions from Sareb’s analysts.

The entity is open to receiving offers (it has already rejected some bids) for the plot, but it is also interested in developing the plot jointly with a partner in the property development or construction sectors (…). The public company VPC has valued Sareb’s plot at €1.57 million (…).

The local property developer Urbem and the firm Inmobiliaria Martínez Segura have also been awarded a residential plot measuring 219 m2, with a buildable surface area of 1,859 m2, which will likely house a residential development. Other players that have been awarded plots include the Planells Solers (Bronces Mestre) and the Giner Serras, who are related to the Ferrando family (Gesfesa).

Original story: El Confidencial (by Víctor Romero)

Translation: Carmel Drake

Land Shortage Causes House Prices to Soar in Madrid

5 November 2017 – El Mundo

House prices are on the rise in Madrid, due to the shortage of available buildable land and the high pent-up demand (the Spanish capital is capable of absorbing around 10,000 new homes per year and just as many second-hand homes). That was one of the main conclusions from the meeting organised last week by El Mundo in collaboration with Distrito Castellana Norte (DCN) to analyse the likely impact of the 11,000 new homes that are being planned as part of Madrid Nuevo Norte, the official name for the project more commonly known as Operación Chamartín.

According to Luis Corral, CEO of Foro Consultores, Madrid Nuevo Norte is an “absolutely essential project for that area of Madrid”, because both of the existing urban developments, namely, Valdebebas and Arroyo del Fresno, as well as the neighbouring municipalities, Alcobendas and San Sebastían de los Reyes “have run out of land”. In his opinion, “anything that places this part of Madrid on the market is a good thing, even if it causes price inflation, as seen in Valdebebas, where homes now cost more than €3,000/m2″.

Beyond its importance from a residential perspective, “Madrid Nuevo Norte also involves a major urban regeneration project, which offers a golden opportunity to position Madrid as one of the greatest capital cities in Europe”, according to Carolina Roca, Vice-President of the Association of Property Developers in Madrid (Asprima). In this sense, the final plans – which will probably be approved during the course of next year – include the construction of a large business centre, as well as a major refit of Chamartín station (which will house the future headquarters of Adif and Renfe).

Although this is an ambitious project from every perspective, “the area to the north of Madrid has capacity to absorb much higher figures than the 11,000 homes currently forecast”, says Samuel Población, Head of Residential and Land at the consultancy firm CBRE. “The absorption rate that we have seen in Valdebebas in just five years serves as an example”, he adds.

Moreover, the current rates of house building confirm that demand is continuing to grow right across the Community of Madrid. Based on the number of construction permits granted, the region is currently building 22,000 properties per year, a figure that contrasts with the 80,000 properties that are going to be built in Spain as a whole in 2017. According to Roca, “property development is performing well in Madrid, but the same dynamism is not being replicated across the country and so, we are still a long way off the 150,000 homes per year that need to be built”. That means that the region “has doubled its weight, something that is not positive because Madrid cannot cope with the real estate business of the whole of Spain”.

But the main problem, according to the head of the Madrilenian property developers, is that the municipal authorities are not responding to this increase in demand by offering new plots of land. “The available buildable land will have been used up in three or four years and no one is performing the repositioning that is necessary for after that period”. (…).

The main consequence of the shortage of raw material in the hands of property developers “is a significant rise in the prices of plots, which end up being passed on in the form of more expensive house prices”, explains Población (…).

In this context, Corral also stressed the need to promote new urban developments as “generators of homes for the most disadvantaged households, as shown by the more than 2,200 social housing units included in Madrid Nuevo Norte (…).

Original story: El Mundo (by Rubén G. López)

Translation: Carmel Drake

‘Operación Chamartín’ Becomes ‘Madrid, Nuevo Norte’

31 July 2017 – Expansión

A Solomonic agreement has been reached between DCN, the Ministry of Development, the Town Hall of Madrid and the Community of Madrid to push ahead with the long-standing project, which will see the construction of 11,000 homes (including 4,100 social housing properties) and a large business centre.

But its name is no longer ‘Operación Chamartín’, ‘Distrito Castellana Norte’ or ‘Madrid Puerta Norte’….after almost 25 years since the idea was first floated by the then government of Felipe González, the development in the northern zone of the belt of Madrid’s M30, is going to be called ‘Madrid, Nuevo Norte’.

On Thursday, the Town Hall of Madrid, Adif and DCN (the property developer in which BBVA and SanJosé hold stakes) presented the strategic guidelines upon which the new project is going to be based. It reduces the buildability to 2.68 million m2, down by 20.5% compared to the 3.37 million m2 proposed by DCN, and cuts the total number of homes to 11,000, of which 20% will be social housing properties. On the other hand, the management of the plan has been handed over to the Town Hall of Madrid, which will control the timings and activities.

The players involved announced the 19 points included as the basis of the agreement, most of which are technical, and which also involve resolving the legal actions. The new plan will see a modification to the General Urban Plan (PGOU) and is divided into five areas (Chamartín Station, Business Centre, Fuencarral Malmea, Fuencarral Tres Olivos and Las Tablas) and two large zones: the South of the M30, which will constitute primarily office space and a large CBD, and the North of the M30, which will focus on housing.

A large business centre for Madrid

One of the fundamental axes of the plan will be the Chamartín station and the Business Centre, which will be located next to the new station to allow for sustainable mobility. The event on Thursday was attended by the Minister for Development, Íñigo de la Serna; the mayor of Madrid, Manuela Carmena, and the President of the company Distrito Castellana Norte (DCN), Antonio Béjar. “This initiative has solid pillars and is sustainable over time. It is an avant-garde and recognisable project, which will generate investment and create employment”, said Antonio Béjar.

Meanwhile, the mayor of Madrid, Manuela Carmena, expressed her appreciation for the capacity for “dialogue and consensus” and asked for collaboration from the other political groups to move ahead with the project. “The world is changing. From now on, in Madrid, we are going to be capable of forming part of that change”. For the Minister for Development, Íñigo de la Serna, this is a new project, born out of an agreement that unites the interests of the parties (…).

In this way, the urban planning project, which just six months ago looked to be doomed to failure, seems to be back on track in the critical areas. The property developers said that Madrid does not currently have a recognisable and compact business district. This plan, they said, is designed to fill that gap.

Original story: Expansión (by R. Arroyo, L. Ruiz-Ocaña and C. Galera)

Translation: Carmel Drake