Torre Caleido: Construction Begins of Madrid’s Fifth Tower

1 February 2018 – Expansión

After five months of preparations underground, the construction phase of the 35-storey skyscraper has finally begun. The 180 m tall tower is going to house the IE campus, as well as a horizontal building that will be home to sports facilities, a shopping centre and parking areas.

The starting gun has been fired for the above-ground work on what will become the fifth tower in Madrid. The future skyscraper, measuring 180 m2 tall and comprising 35 storeys, is going to house the new vertical IE campus, which will emerge from a second building, with a base that is going to be 280 m long and 60 m wide, which will form an inverted T-shaped complex, known as Project Caleido.

Inmobiliaria Espacio, the subsidiary of Grupo Villar Mir and Megaworld Corporation, the business conglomerate owned by the Philippine multimillionaire Andrew Tan, are the owners of the company responsible for the construction and operation of the project, with a planned investment of €300 million and which will result in the generation of more than 5,000 jobs during the construction and operation phases (…).

Caleido –designed by the architecture studios Fenwick & Iribarren and Serrano Suñer Arquitectos– will be located in the epicentre of the new financial district in Madrid and will serve to eliminate a blot on the landscape in the north of the capital by connecting Paseo de la Castellana and Avenida de Monforte de Lemos, as well as to revitalise the existing business complex, explains Fernando Serrano-Suñer, one of the architects behind the project (…).

“To date, we have completed the first two phases, involving the demolition work and the construction of the foundations, which are now complete. This week, we will award the construction work, which has been tendered for through a very transparent process, audited by Dypsa”, says José Antonio Fernández Gallar, Director General of Inmobiliaria Espacio.

Third phase

Now, the third phase of construction is going to be launched, involving the building of the tower and the base (…), where the campus sports facilities, a 600-seater auditorium, an indoor swimming pool, libraries, a dining room, a complete shopping floor and a hospital centre specialising in sports medicine run by Quirón will all live alongside 7,000 m2 of green space (…).

Leisure will also play an important role in the complex, with sports areas and events spaces. “We are studying the possibility of including a cinema of some kind, but it would not conform with the traditional style, it would include an e-gaming and e-sport element, something that doesn’t exist in Spain at the moment”.

Moreover, the base will include parking for students and professors, as well as parking for the retail space and another public parking lot, with a total surface area of 42,100 m2 spread over several floors and with capacity for 1,900 parking spaces (…).

In terms of the skyscraper, the 180 m tall building will house 70 classrooms, work and rest areas, as well as double-height spaces to replicate meeting places in traditional campuses (…).

“The project is progressing at a good pace. We have completed the first phase and we are moving forward with the idea that the work will be finished by 2020”, he said.

Original story: Expansión (by R. Arroyo and R. Ruiz)

Translation: Carmel Drake

Iese Invests €24M In New Campus In Madrid

17 November 2017 – Eje Prime

The Universidad de Navarra is going to expand its presence in Madrid. Iese, the entity’s business school, is going to start construction work in 2018 on a new campus with a surface area of 16,000 m2. The University will invest €24 million in the project. With the future building, which will be located next to the current faculty, the university will double its space in the town of Aravaca.

In addition to the new campus, Iese will build a car park with 300 parking spaces. The aim of the Universidad de Navarra is to triple the capacity of its business school in the Spanish capital, according to El Confidencial.

The design of the campus comprises four classrooms, one of which will be equipped with the latest technology, as well as an auditorium with capacity for more than 500 people. For the financing, the University de Navarra ‘s business school has launched a fundraising campaign, which aims to secure 70% of the investment from employer companies and the network of Iese former students, with the remaining funds being provided by the budgets of the institution itself.

Original story: Eje Prime

Translation: Carmel Drake

Axiare Acquires 12,000 m2 Office Building In Barcelona For €19.5M

27 March 2017 – Observatorio Inmobiliario

Axiare Patrimonio has closed its first purchase following the capital increase announced in March. The Socimi has invested €19.5 million in the acquisition of an office building that has a GLA of 12,000 m2 and more than 400 parking spaces. The building, which was constructed recently, comprises several floors measuring 2,500 m2 each, as well as an auditorium with capacity for 200 people. According to the Socimi, the building will generate annual rental income of €1.25 million over the next two years.

The asset is located on Avenida Can Fatjó dels Aurons in Sant Cugat, Barcelona. Sant Cugat is a strategic area for offices in Barcelona, with direct connections to the C-16 and AP-7 motorways and a 5-minute walk from the Sant Joan train station. The area is home to many institutional owners including Mapfre, Axa, Catalana Occidente, Banco Sabadell and Merlin and tenants of the calibre of Hewlett-Packard, TVE, Deutsche Bank, Banco Sabadell, Mapfre, Nespresso and Gas Natural. Sant Cugat has been extremely sought after by tenants is recent times and currently has one of the highest occupancy rates in Barcelona.

The CEO of Axiare Patrimonio, Luis López de Herrera Oria states that “we have purchased a magnificent office building for a price that is 27% below its repositioning cost and with a great potential to increase in value”.

Following this operation, during the first three months of 2017, Axiare Patrimonio has invested €157.9 million on the purchase of four tertiary-use properties, with a combined surface area of 46,354 m2 and almost 1,300 parking spaces. This property formed part of the pipeline announced by the Socimi when it presented its annual results for 2016 on 27 February.

For this operation, Axiare Patrimonio has been advised by EY, BNP Paribas Real Estate and Estrada & Partners.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake