Metro’s Depots Go to Ibosa Paying €88 Mn

13/11/2014 – Expansion

Co-ops manager Ibosa was eventually awarded the land carrying the depots of Madrid’s subway. The plot, also desired by real estate firm Pryconsa, stood at an asking price of €81.8 million.

Finally, Ibosa won by outbidding Pryconsa with its €88.321 million offer. Few days back, the latter was awarded another plot located in Madrid’s center by Spanish RTVE, having its Estudios Buñuel television studio thereon.

For the depots of Metro, Ibosa designed a housing estate (project pictured) including a 25-storey tower and three other 8-floor buildings. Inside them, 452 unsubsidized and 67 subsidized apartments will be developed and priced from €239.000 for the first and €185.000 for the second type.

‘Over the last three months, we have made a great commercial effort to attract cooperatives and raise equity for the plot purchase’, explains Ibosa’s CEO Leopoldo Moreno. Before constructing the dwellings, Ibosa will underground the new depots and create a 20.000 square meter green area. ‘First of all, we will look to civil engineering which may take up to 18 months. Then, the building works will start and we are planning to complete the homes within two and a half year’s time’, Mr. Moreno points out.

 

Original article: Expansión (by R. Ruiz)

Translation: AURA REE

Ibosa & Pryconsa Submit Bids For Metro’s Best Plot

30/10/2014 – Cinco Dias

Real estate companies Ibosa and Pryconsa have been the only to submit bids for the Cuatro Caminos plot auctioned by Madrid’s Metro. The Ibosa group attended the tender as a cooperative. Asking price was set at €81.8 million.

The four-hectare piece of land is situated between the Cuatro Caminos, the Avenida Pablo Iglesias and the Bravo Murillo streets. Its buildable area exceeds 62.000 square meters. The winner will have to award 27.560 square meters for a public building and intend 10.026 square meters for green areas.

If it is Ibosa, the firm is going to construct 450 dwellings inside an over-25-storey tower with three terraces and hanging gardens.

Now, Metro will view the offers and check if the bidders meet the administrative requirements set for the tender. If they don’t, they will have three days to rectify it. If they do, the process will take the next stages, involving a possibility of raising the bid.

The name of the winner will be revealed in November and the plot will be conveyed in December.

This auction is just a part of the large-scale venture of Metro, aiming at shedding real estate assets for at least €120 million. In total, 95.000 square meter areas occupied depots and other facilities will be developed.

 

Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE