A joint venture of UK investor Doughty Hanson, Dutch retail developer Multi and Proactive Asset Management has signed a preliminary agreement with the city of Madrid to carry out the development of the large-scale Valdebebas site in the northern part of the Spanish capital.
A joint venture of UK investor Doughty Hanson, Dutch retail developer Multi and Proactive Asset Management has signed a preliminary agreement with the city of Madrid to carry out the development of the large-scale Valdebebas site in the northern part of the Spanish capital.
The partners have presented a EUR 120 mln offer for the plot of land, almost half the amount of the withdrawn bid in 2006 by Metrovacesa and Riofisa.
PropertyEU first reported in April that the municipality was evaluating new bids for the land and development rights of Parque Valdebebas, one of Spain's largest mixed-use development projects. The scheme will offer over 180,000 m2 of retail and office space on completion, including the country's largest shopping centre, located next to the Ciudad Deportiva sports centre of the Real Madrid soccer team.
The new bidding process for Valdebebas was organised after Metrovacesa and Riofisa decided to pull out of the project in September 2008, having won the construction in 2006 with an offer of EUR 238 mln. The companies blamed tight credit conditions and the property downturn in the country.
