Spanish real estate company Metrovacesa has pulled off EUR 600 mln worth of office space acquisitions at a time when most of its peers are suffering from the dramatic slowdown in the country's housing market.
Spanish real estate company Metrovacesa has pulled off EUR 600 mln worth of office space acquisitions at a time when most of its peers are suffering from the dramatic slowdown in the country's housing market.
Metrovacesa - Spain's largest real estate company - said it acquired a 8,600 m2 office building that requires renovation in Madrid and three plots of land totalling 81,000 m2 in the north of the city. The redevelopment will require an investment of EUR 42 mln. The company plans to develop three business parks on the land sites for a total investment of EUR 400 mln.
Another parcel of land was acquired on Manoteras Avenue in Madrid to develop a 12,000 m2 office building for an investment of EUR 47 mln. Metrovacesa also a 2,100 m2 office property in Madrid for EUR 11.5 mln.
In Barcelona, Metrovacesa acquired a further three plots of land to develop 30,000 m2 of business park space. The investment in these projects will come to EUR 95 mln.
Metrovacesa now has a total of 23 projects, accounting for more than 420,000 m2 of space, in its EUR 1.6 bn office development portfolio. The company will use the announcement of its annual results for 2007 on Monday to reveal its new strategic plans following the demerger from French property company Gecina last year.
