Spanish property company Realia said on Thursday that it expects to complete the skeleton of its Torre Realia BCN skyscraper in Barcelona by the end of the month. Realia, a company owned by savings bank Caja Madrid and construction company Fomentos de Construcciones y Contratas (FCC), is investing about EUR 130 mln on the tower project, which will be inaugurated in July 2009.
Spanish property company Realia said on Thursday that it expects to complete the skeleton of its Torre Realia BCN skyscraper in Barcelona by the end of the month. Realia, a company owned by savings bank Caja Madrid and construction company Fomentos de Construcciones y Contratas (FCC), is investing about EUR 130 mln on the tower project, which will be inaugurated in July 2009.
The new 117 metre high-rise scheme will comprise of 24 floors. The office property - with some 32,000 m2 leasable space - will be Realia's largest building, the company pointed out, after Torre Realia in Madrid with 28,000 m2. In a statement, the Spanish group said that it has hired C&W and JLL to market the asset, which was designed by star architect Toyo Ito.
Realia also announced it is launching a EUR 239mln investment plan to help boost its projects in the Paris and Barcelona real estate markets. In Barcelona's Ciudad Condal district, the company is investing EUR 25mln in a new building in Parc Central 22@, as well as a further EUR 85mln in a new property in Paris, via its French subsidiary SIIC de Paris. The company, which is headed by Ignacio Bayon, said the plan is part of its new strategy aimed at increasing the rental portfolio to 70%, up from 53% at present.
The company has real estate assets worth some EUR 6.34 bn and debt of EUR 2 bn
