Listed Spanish property company Hispania has acquired a land plot in Madrid for €32 mln to build two class A office buildings.
The asset is located in the Campo de las Naciones office area, outside the CBD, comprising over 500,000 m2 of commercial space.
Hispania said that the land plot acquired was the last available in the location. The development of the two office buildings will complete the third and last phase of the area's development.
The planned project will comprise 56,000 m2 in total, with two Class A office buildings connected through a covered walkway. Hispania expects to start the construction immediately and complete the works by the fourth quarter of 2018.
The developer is targeting a LEED Platinum certification.
Hispania said the acquisition fitted its strategy to address Madrid's lack of high-quality office space at a time of increasing demand for class A, flexible premises at competitive rents.
