Four Spanish property companies are to plough about EUR 1.2 bn into the development of mixed-use towers in Madrid's Ciudad Deportiva district, the plot of land that formerly housed Real Madrid's training center. The four 200-metre structures will change the skyline of the Spanish capital by 2008.
Four Spanish property companies are to plough about EUR 1.2 bn into the development of mixed-use towers in Madrid's Ciudad Deportiva district, the plot of land that formerly housed Real Madrid's training center. The four 200-metre structures will change the skyline of the Spanish capital by 2008.
Villar Mir's subsidiary Espacio announced last week the completion of the skeleton of its Torre Espacio skyscraper, with a ceremony attended by Madrid's mayor Alberto Ruiz-Gallardon. The company, which paid EUR 188 mln in 2001 to acquire the site, is to spend another EUR 370 mln to complete the scheme. Torre Espacio will feature 56,250 m2 of 52-storey office space, as well as 1,180 parking spaces. Completion is scheduled for the end of this year.
Just next to Villar Mir's structure, the oil and gas company Repsol is raising its 45-floor office tower, designed by the British architect Norman Foster. Colonial's chairman Luis Portillo as well as Sacyr's chairman Luis del Rivero have already showed interest in acquiring the building.
When completed in early 2008, the Repsol Tower will be the highest building in Spain. Designed to be some 250 meters of height, the skyscraper was expected to house the future headquarter of the Spanish oil and gas company. However, Repsol is considering abandoning this idea as it acquired a plot of land in the city to develop a EUR 300 mln industrial estate. The company is now planning to put the tower up for sale, El Pais said. Repsol could raise up to EUR 800 mln through the sale, with capital gains of about EUR 300 mln.
To complete the list, two other Spanish builders are active in the ex-Ciudad Deportiva district; Mutua Madrilena is currently developing the Torre del Cristal office complex. Sacyr, which showed interest last month for the Repsol tower, is already developing a skyscraper in the same area, through its subsidiary Testa. The tower has been designed by the architects Carlos Rucio Carvajal and Enrique Alvarez-Sala Walter and the first 33 floors will house a 5-star hotel providing some 500 rooms. Completion is scheduled for 2008.
