Spanish property giant Metrovacesa has acquired three plots of land with a total area of 73,000 m[sup]2[/sup] in Madrid and Barcelona for the development of three business parks. The company said in a press release it intends to invest around EUR 300 mln in the sites. 'Metrovacesa is making a firm bid for the office market', the company stated.
Spanish property giant Metrovacesa has acquired three plots of land with a total area of 73,000 m2 in Madrid and Barcelona for the development of three business parks. The company said in a press release it intends to invest around EUR 300 mln in the sites. 'Metrovacesa is making a firm bid for the office market', the company stated.
The first plot is located between Burgos street and Las Tablas, in the northern district of Madrid. The Spanish builder is to develop an office area of 36,000 m2 with 724 parking spaces. The second acquisition provides a 24,000 m2 site for office use in Valdebebas Park, Madrid. The plot, acquired from the real estate company Espacio, will involve an investment of EUR 100 mln. Metrovacesa already owns a 55,000 m2 space for office use in the area, to be added to this acquisition, together with the nearly 140,000 m2 site for the construction of the Atlantys shopping centre.
In Barcelona, the company purchased a 13,000 m2 plot in the municipality of Cornella, which involves a total investment of EUR 50 mln. The building to be developed on the site was designed by the architect Mark Fenwick.
The Spanish builder, with assets valued at EUR 15.72 bn, added some 17,000 m2 in office projects in 2006, which comes to a total investment of EUR 600 mln. In December, the property group made two major Madrid acquisitions in line with its strategic bid for the northern area, for a total investment of EUR 260 mln and a total area of 60,000 m2.