The city of Madrid is evaluating offers of over EUR 150 mln for the land and development rights of Parque Valdebebas, one of Spain's largest mixed-use development projects located in the north of the capital.
The city of Madrid is evaluating offers of over EUR 150 mln for the land and development rights of Parque Valdebebas, one of Spain's largest mixed-use development projects located in the north of the capital.
Bidders are rumoured to include a joint venture of Multi Development and Spanish firm Proactiva Asset as well as an unnamed UK real estate fund, according to news agency Efe. A decision is expected within the next month.
Parque Valdebebas will offer over 180,000 m2 of retail and office space on completion, including the country's largest shopping centre, Atlantys, located next to the Ciudad Deportiva sports centre of the Real Madrid soccer team. The development of the complex is expected to cost a total of around EUR 650 mln, including EUR 450 mln for the shopping centre.
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.
