Defence Sells a Plot of Land Next to Castañón de Mena for Nearly €4 Million

27 April 2018

The sale is awaiting a final adjudication. The plot, in Hacienda Cabello, has 6,000 meters and a development potential of 8,572 meters.

The Ministry of Defense has put two properties on sale in recent months in Malaga’s capital, and both transactions are nearing a conclusion as they come close to completing the formal procedure of final adjudication. On the one hand, the divestment of the former Military Government building, located on the Paseo de la Farola, is going through a process of analysis of the documentation that was submitted by a company that made an offer to acquire the property at the end of last January by direct sale, with an assigned value of about 4.5 million euros. On the other hand, the ministry has just finalised the adjudication of a 6,036.24-square-meter plot of land in Hacienda Cabello, next to the Castañón de Mena residence, for almost 4 million euros.

The estate has an allocated residential development potential of 8,572.97 meters. The Institute for Housing, Infrastructure and Defense Equipment (Invied) confirmed the conclusion of the sale, although the sources consulted declined to provide official details of the sale value, as the adjudication has been awarded on an interim basis, and still requires the completion of the corresponding procedures.

The financial value related to this sale confirms that it would have been in a second auction. The estate’s exit value amounted to 4,431,860.23 euros, falling to 3,988,674.21 euros in the case of a second round. The property is in the vicinity of the military residence Castañón de Mena. According to the information sheet incorporated by Invied, the plot of land was awarded to the Ministry of Defence within the sector’s subdivisioning project, and the development works were already underway, with 14% completed up to the present moment. The development works were awarded by the Compensation Board to a temporary joint venture (UTE) composed of Dragados-Ervega-Insersa, with an initial budget of 4,744,075 euros (VAT excluded), an amount which was increased by another 551,825 euros in October 2017.

Original Story: Málaga Hoy – S. Sánchez

Translation: Richard Turner


Bank Of Spain Buys 142,000m2 Plot In Madrid For €40M

29 December 2016 – Inmodiario

The Royal Spanish Mint (‘Fábrica Nacional de Moneda y Timbre’ or FNMT) no longer complies with the conditions set out by the European Central Bank (ECB) for the printing of bank notes. As a result, the Bank of Spain has been forced to purchase a plot of land in Madrid’s Vicálvaro neighbourhood from the Ministry of Defence.

Through its company Imbisa, the FNMT has paid almost €40 million to the Institute for Housing, Infrastructure and Defence Equipment (Invied) for a plot of land measuring 142,000 m2, where it is going to build a new factory.

The plot of land acquired for the construction of the new facilities – which will house around 720 employees – is located in the east of Madrid, between the M-40 motorway, the old Vilcálvaro road and Avenida de Daroca (see map above).

The company Imbisa was constituted by the Bank of Spain in June 2015, with share capital of €50 million, in order to comply with the new regulations issued by the ECB, which required bank notes to be manufactured by private companies under tender, or by the national central banks themselves.

The institution led by Luis María Linde (the Bank of Spain) owns an 80% stake in Imbisa and the FNMT will continue to hold the remaining 20% stake until December 2017, when those shares will also pass into the hands of the supervisor. (…).

Once the agreement has been formalised, Imbisa will make a payment amounting to €1.97 million (…) and the balance, in other words, €37.4 million, will be handed over when the public sale and purchase deed is signed.

Despite the purchase of this land, the new factory will not be operational until 2020, by which time it is hoped that the new property will comply with all of the security requirements established by the ECB for the printing of bank notes. (…).

Original story: Inmodiario

Translation: Carmel Drake