Real Madrid to Invest €525M in the Modernisation of the Bernabéu Stadium

2 April 2019 – Eje Prime

On Tuesday, Real Madrid and the Town Hall of the Spanish capital announced the launch of a project to modernise the Santiago Bernabéu stadium, which will see a total investment of €525 million. The work will begin at the end of May and is due to be completed at the end of 2023, with no planned disruption to the fixture schedule during that period.

According to the club’s President, Florentino Pérez (pictured above, right), Real Madrid has already spent €500 million upgrading its facilities since 2000. Specifically, it has invested €256 million in several updates to the stadium and another €231 million in the construction of the Ciudad Real Madrid training ground in Valdebebas.

The latest project, designed by GMP Arquitectos/L-35/Ribas will involve a new step in the transformation of the stadium, although few details have been revealed at this stage. During the first phase, the La Esquina del Bernabéu shopping centre will be demolished to create a large square and another square will be built next to Paseo de la Castellana.

In total, 23,000 m2 of space will be freed up and distributed between stores and restaurants to complement the museum, which will also be expanded. The capacity of the stadium will also be expanded by 1,000, which will be dedicated in their entirety to people with reduced mobility or some kind of disability.

It is not yet known who will carry out the work or how the project will be financed, but a tender process for the execution of the work is scheduled to open in April. Four companies are predicted to participate: Acciona, FCC, Ferrovial and San José.

Original story: Eje Prime (by M. Menchén)

Translation/Summary: Carmel Drake

‘University Antonio de Nebrija’ Purchases a Church in Central Madrid

18 January 2019 – El Confidencial

Worshippers at the ‘Parroquía de San Jorge’, right in the centre of Madrid, will soon have to find another sanctuary in which to celebrate mass. The University Antonio de Nebrija has purchased the plot on which the church currently stands, on Calle Padre Damián 22.

Undoubtedly, an attractive asset for many institutions such as the German School, which had to move to Montecarmelo after it was unable to find a good location in the centre of Madrid, and the IE, which was looking for social land for years, but which is going to end up in the fifth tower of the Cuatro Torres business park, where the Campus IE University is going to be built.

The deal that has been signed a few metres from Paseo de la Castellana is one of the first real estate operations of the year and one of the most noteworthy, due to its location, behind the Santiago Bernabeú football stadium, in the middle of a prime area of the city, as well as due to the type of asset. The owner of the plot until now was the Fundación Condes del Val, which owned not only the land on which the parish stands but also a nursing home of the same name. The price paid has not been disclosed (…).

The plot on which the parish stands is dedicated to social use, and so the future building will have to have a very specific purpose, specifically, likely to be facilities for the university, which is currently located in the capital’s Ciudad Universitaria district (…).

Original story: El Confidencial

Translation: Carmel Drake

Carmena Approves Real Madrid’s €12.7M Investment in the Bernabéu Area

25 January 2018 – Eje Prime

The Town Hall of Madrid is starting to refloat some of the projects associated with the renovation of the Santiago Bernabéu. Today, the municipal government has approved plans to integrate the stadium into its urban environment, an action that affects a surface area of more than 54,000 m2. The corresponding investment amounts to around €12.7 million and will be borne in its entirety by Real Madrid.

The Executive of Manuela Carmena, which imposed these actions as a condition for the approval of the renovation, says that “this will double the public space available for local residents”. The project includes the elimination of architectural barriers and the introduction of access routes for all kinds of people, as well as improvements that give priority to residents when it comes to parking and which encourage sustainable mobility.

To this end, the club will have to place all of its logistics activity underground. According to Palco23, it will build a large city under the stadium where all of these activities will be concentrated. All of the actions follow the criteria established by the Special Plan for improving the urban environment and the detailed plans for the Santiago Bernabéu stadium, which the plenary approved in May 2017. The scope of intervention basically extends from the boundary of the stadium’s plot, which has not been modified, to the official border of the neighbouring buildings. “The intervention has been expanded to some bordering areas to provide maximum homogeneity and functionality to the remodelling operation that is being promoted”, said the Town Hall. Although no timeline has been established, it has been confirmed that the building work on the outside will be coordinated with those happening inside the Bernabéu itself.

A square measuring more than 10,000 m2 will be created on the façade overlooking Paseo de la Castellana, benefitting from the removal of the bus parking lot that currently occupies that site. In its place, gardens and new lighting will be installed. On the other side of the stadium, overlooking Calle Rafael Salgado, a space will be opened with “co-existence traffic and flexible parking platforms”.

Calle Padre Damián and Plaza de Sagrados Corazones, which co-exist alongside the grandstands, will gain space thanks to the demolition of the Esquina del Bernabéu shopping centre, to create a new square. Moreover, the north and south pavements of Calle Concha Espina will be widened, making the whole area more pleasant for residents and pedestrians.

Original story: Eje Prime 

Translation: Carmel Drake

Leonardo Hotels Buys Its Third Establishment In Madrid

29 September 2016 – Hosteltur

Leonardo Hotels is continuing its expansion in the Spanish capital with the acquisition of its third hotel, the Gran Atlanta Madrid, which will be incorporated into its portfolio from 30 September. According to Hosteltur, Gran Atlanta will join two other properties that the largest group in Israel bought in July. The Gran Atlanta Hotel is a four-star property and has 180 rooms, as well as five meeting rooms, with capacity for up to 100 people, and a restaurant.

A determining factor in the acquisition of the hotel has been its prime location, right in the heart of the financial and business district of the city. It is close to the Santiago Bernabéu Stadium and is well-connected by public transport, both in terms of local trains (Cercanías) and the Metro, which allow guests to travel quickly from Nuevos Ministerios to the centre or to the airport in just 15 minutes.

The Hotel Gran Atlanta Madrid will retain its current name until the renovation work has been completed. The refurbishment is due to take place between April and the autumn of 2017, when the property will adopt the Leonardo Hotels brand name. The international law firm Hogan Lovells has provided legal advice once again in an operation that has been advised by Planet Hotels & Resorts.

According to the Director General of Leonardo Hotels for Europe, Daniel Roger, “the decision to acquire another property in Madrid was not hard when we found the Hotel Gran Atlanta. Our success is based on our strategy of owning several hotels in Europe’s major cities and on the synergies that that approach generates. Naturally, the building’s potential and its excellent location have also been decisive factors.

The firm now has five hotels in the Spanish market, two in Barcelona (Leonardo Hotels made its debut in Barcelona with the Boutique Hotel Sagrada Familia) and three in Madrid. Roger added, “this represents a boost, in a short period of time, which makes our offer even more attractive and allows us to develop and strengthen our position in Spain ever further. We will continue our growth soon with more acquisitions here (in Spain) as well as in other countries in Europe”.

Leonardo Hotels is the European division of the Fattal Hotels Group, founded by David Fattal in Israel. It has operated in the European market since 2007 and owns more than 65 establishments in the superior 3-star and superior 4-star categories in more than 35 cities aross the continent, in countries such as Germany, Austria, Switzerland, Belgium, the UK, Spain, Hungary, the Czech Republic, Italy and the Netherlands. In total, its properties have more than 10,000 rooms and 20,500 sqm of space for meetings and conferences.

Original story: Hosteltur

Translation: Carmel Drake

Infinorsa Renovates Torre Europa To Attract New Tenants

8 August 2016 – Expansión

Torre Europa is completing the final details (of its renovation process) ahead of the debut of its new image from September. The iconic building – one of the first multiple ownership office buildings in Madrid, constructed in 1985 – will boast a new external façade, as well as a refurbished entrance lobby, floors and common areas, in order to appeal to new tenants.

Infinorsa, the majority owner of the property, has launched an ambitious transformation project, in which it is investing €20 million, with the aim of updating and improving the inside and outside of Torre Europa, equipping it with more light and technological innovations, and whereby allowing it to charge 20% higher average rents. Until now, the rent for Torre Europa has fallen in the middle band for buildings in Azca. With the changes, the rental charge could exceed €27.5/sqm/month.


The building, designed by the architect Miguel Oriol e Ybarra, is located in Madrid’s financial district of Azca, just a stone’s throw away from the Santiago Bernabéu stadium and the Palacio de Congreso. The property has 32 floors and is 121 metres tall.

Following the departure of the building’s main tenant, KPMG, a few months ago, Torre Europa, with a leasable surface area of 43,000 sqm, currently has around 20,000 sqm of space available for rent. “High quality spaces are currently in demand. We must respond to the new paradigm, with brighter and technologically prepared spaces. This transformation seeks to adapt the property to the needs of the day, whilst at the same time retaining its essence and enhancing its unique qualities”, explained Fernando Ferrero, Director of Operations at Infinorsa.

The renovation process has been complicated by the fact that it has been performed at the same time as the current tenants are occupying approximately half of the building. For this reason, the construction work has been carried out during the night: “This has made the process more expensive, but, in return, we have caused less disruption to the tenants”.

Inside and outside

The work inside the building has involved the renovation of the entrance hall, the common areas and the floors, which is expected to be completed in September. The transformation of the hall will give rise to a much airier entrance, with higher ceilings and a brighter space overall. In terms of the floors, the glass of the windows will go down to the floors, in order to benefit from the natural light and the height of 260 cm per floor.

In terms of the changes outside, the plan involves covering the pillars with steel to preserve the structure, at the same time as updating the image. Similarly, an integrated glass canopy will be added to the external structure. This work is expected to be finalised during the first quarter of 2017.

In terms of technology and other new features, the building will have LED lighting and sensor systems to control both the light and ambient temperature. In addition, Torre Europa will have the technological tools to benefit from big data and geolocation services. Sources at Infinorsa explain that the project fits with the push that the Administrations are giving the capital’s financial district.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake