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


Town Hall of Madrid Puts Plot up for Auction for €16M

19 December 2017 – Eje Prime

The Town Hall of Madrid is putting a plot of land up for sale. Through the company ‘Empresa Municipal de Transportes’ (EMT or Municipal Transport Company), the Town Hall led by Manuela Carmena has convened an auction for a plot of land measuring 37,475 m2, for which it is asking a minimum price of €16.3 million.

The land, located in the district of Carabanchel and owned by the EMT, is allocated for residential use and has a buildable surface area of 26,820 m2, which means up to 268 homes could be built on the site, according to El Confidencial.

The timing of the operation is no coincidence. It comes as no surprise that Madrid is suffering from a lack of developable land, and so more than a handful of property developers are expected to want to acquire the plot. Significant price rises being seen in the Spanish capital, an area that saw some of the highest price increases in the country during the third quarter of the year, of up to 6.8% YoY.

Until 2006, the land housed the EMT’s bus depot in Buenavista and since then, the transport company of Madrid has tried to sell it on several occasions. The closest it came to awarding the plot was in the same year that it abandoned the site when it was asking €75 million for the plot. The auction will close on 9 January 2018 and the identity of the firm that will take over the ownership of this developable land will be announced on 15 January.

Original story: Eje Prime 

Translation: Carmel Drake