Reyal Grupo, Spanish property group, intends to invest EUR 350 mln in the construction of 196 homes, a five-star hotel and a shopping centre at Paseo de la Castellana, in Madrid. The project, named Castellana 200, is likely to be completed in the end of 2009, said Rafael Santamaria, manager of the company. Castellana 200 will cover an area of 41,757 m2, with another 28,600 m[sup]2[/sup] reserved for parking spaces.
Reyal Grupo, Spanish property group, intends to invest EUR 350 mln in the construction of 196 homes, a five-star hotel and a shopping centre at Paseo de la Castellana, in Madrid. The project, named Castellana 200, is likely to be completed in the end of 2009, said Rafael Santamaria, manager of the company. Castellana 200 will cover an area of 41,757 m2, with another 28,600 m2 reserved for parking spaces.
Reyal Grupo is currently in the process of acquiring Inmobiliaria Urbis, for which it has launched a EUR 3.317 bn bid. If the deal goes through, the company will become one of the major property company in Spain, together with Metrovacesa, Colonial and Fadesa. Reyal is mainly active in Spain, but it is also in Portugal and the US. It had a turnover of EUR 409 mln in 2005. Its portfolio includes 7,159 homes and around three million m2 of land.
