Metrovacesa spends EUR 260m on Madrid's offices

Spanish property company Metrovacesa said on Tuesday that it has invested EUR 260 mln in five ventures in the Madrid office sector. The acquisitions involve two office buildings and three plots of land with a build-on area of 42,000 m².

In a statement, the Spanish property company said it has spent some EUR 155 mln on the acquisition of two plots at the Parque de Valdebebas, northern Madrid. The firm also bought a 5,000 m² plot in the Manoteras district for EUR 16 mln. In Madrid's Arturo Soria neighbourhood Metrovacesa purchased a 6,800 m² building, while in Las Tablas, northern Madrid, the Spanish firm bought a 9,000 m² office development for EUR 50 mln. Completion is scheduled for 2011.