Air City Finalises its Purchase of the Casarrubios Aerodrome, which will Compete with Barajas

10 March 2019 – Voz Pópuli

Air City Madrid, the company constituted by several Spanish businessmen linked to the aviation sector, is finalising the purchase of the Casarrubios-Álamo aerodrome in Madrid. This represents the first step in a project whose aim is to create the largest private airport in the Spanish capital, which would compete directly with Adolfo Suárez Madrid-Barajas.

According to sources, the Elduayen family, which currently owns the aerodrome is expected to sell the asset to Air City Madrid within the next few weeks. Air City Madrid is owned by European Flyer, a company dedicated to training pilots; the consultancy firm Gamt; and the consultancy firm Pasiphae.

The Casarrubios-Álamo aerodrome is located 30 km from the centre of Madrid, on the border of the Community of Madrid and Castilla-La Mancha. The company responsible for planning the new airport expects that a potential investment of around €2 billion will be required over 25 years to acquire the land, urbanise the site, build the access routes and construct a passenger terminal.

The businessmen behind the project are convinced that Madrid needs a new airport in light of the congestion that Barajas is expected to experience over the next decade. In the wider context, they point out that the airports in Cataluña serve 300 destinations, whilst those in Paris and London serve 600 and 800 destinations, respectively. By contrast, the current offer in Madrid stands at just 200.

Original story: Voz Pópuli (by Alberto Ortín & Marina Alías)

Translation: Carmel Drake

Town Hall of Madrid Approves Construction of 400 Homes on Land near Barajas

3 May 2018 – Eje Prime

The Town Hall of Madrid is promoting housing in the city. On Thursday, the Town Hall approved plans that will result in the construction of 400 homes, green spaces and other facilities on land owned by Iberia. The plots span a surface area of 54,600 m2 and are located in the district of Barajas, to the south of the Adolfo Suárez Madrid-Barajas airport; they are currently home to some warehouses, owned by the airline.

This land is going to be urbanised by Iberia so that it can be used for the construction of around 400 new homes, green spaces, other tertiary-use buildings and a private facility. The budget for the urbanisation work amounts to €5.1 million and the execution period is nine months.

Specifically, the plans involve eight plots spanning 54,600 m2, of which 23,507 m2 are destined for residential, tertiary and private facility use, whilst 31,093 m2 are earmarked for public use, including for green spaces, road networks, parking and facilities.

The Town Hall approved this project after the Ministry of Development announced an urban development macro-plan on some of Aena’s plots close to the airport, where hotels, logistics centres and offices are going to be built.

Original story: Eje Prime

Translation: Carmel Drake

Aena To Sell More Than 2,000 Ha Of Land Near Its Spanish Airports

15 November 2017 – Expansión

The state-owned group is going to sell more than 2,000 hectares of land around its airports for the construction of hotels, offices and shopping centres. The Ministry of Development is hereby launching a project that is seven times larger than Operación Chamartín.

(…) The Government has given the green light for Aena to launch what is going to be the largest ever operation involving the sale of land in Spain, according to authorised sources from the Ministry of Development speaking to El Mundo.

The new President of Aena, Jaime García-Legaz, has been given the mandate of optimising the value of the resources of the company, in which the Government holds a majority stake, and selling more than 2,000 hectares of land around the country’s main airports. Above all, the sale involves undeveloped, developable land, but it also includes some plots that are already occupied but which have a significant remaining surface area that may also be developed.

Aena’s studies, authorised by the Minister for Development, Íñigo de la Serna, involve the sale of land for the construction of hotels, offices and shopping centres, in line with those surrounding the main airports in Europe.

The land owned by Aena that has been identified as “potentially marketable” is equivalent to seven times the already gigantic Operación Chamartín, which encompasses 311 hectares to the north of Madrid and which is considered to be the largest urban development plan currently underway in the European Union.

Aena has been a major landowner since its constitution in 1990 and in its business plan, the plots of land surrounding the airports in Madrid and Barcelona are essential. Together, they are going to account for more than 50% of the total to be developed, according to preliminary estimates.

Around Adolfo Suárez Madrid Barajas airport, the studies have analysed a gross area of 921 hectares. Taking into account that some of the space will have to be allocated to roads and green areas, it is estimated that at least 573 hectares may be used as plots for lucrative use (…).

In Barcelona, the potentially marketable land comprises 336 hectares, of which 211 hectares would correspond to net lucrative plots. The rest of the real estate operation will focus on the airports in Tenerife Sur, Jerez and Sevilla, in particular.

The sources consulted highlight that the process will be undertaken in phases and that real estate experts will be hired to optimise the transactions, which will consist of the development, rental and sale of plots of land, depending on the option considered most attractive for Aena (…).

The share price of the public airport manager has now recovered to a level not seen since before the departure of the previous President, José Manuel Vargas. It closed yesterday at €159.40 per share, which is equivalent to a market capitalisation of more than €24,000 million. On the day that Vargas resigned, 26 September, each share was worth €151.

Original story: Expansión (by Carlos Segovia)

Translation: Carmel Drake