Colonial's chairman Luis Portillo has said he is planning to enter the bidding to purchase the Repsol development in Madrid 'as soon as the details for the tender are announced'. His comment comes days after Sacyr's chairman Luis del Rivero revealed he is considering acquiring the skyscraper.
Colonial's chairman Luis Portillo has said he is planning to enter the bidding to purchase the Repsol development in Madrid 'as soon as the details for the tender are announced'. His comment comes days after Sacyr's chairman Luis del Rivero revealed he is considering acquiring the skyscraper.
When completed in early 2008, the Repsol Tower will be the highest building in Spain. Designed to be some 250 meters of height and have 45 floors of offices, the skyscraper, located in the financial district CTBA of the Spanish capital, 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.
Developed by British architect Norman Foster, the tower shows 'the company's commitment to explore alternative energy sources,' the firm said. It includes wind turbines at the top, which will provide a significant proportion of the building's power supply.