The parcels are located on terrains from the former Estadio de Futbol Vicente Calderón football stadium, have 132.000 sqm and in them will be developed a project with high standard houses and common areas.
Azora and CBRE GIP acquired the two parcels where they will build two housing estates with a total 340 houses, mainly with 1, 2 and 3 bedrooms. integrated inside the Madrid Río with a view of the Royal Palace. The 35.000 sqm project will be built, according to the developers, using the latest technology and equipment, in an energetically responsible and sustained way.
The construction is planned to start during the fourth quarter of 2020 and is expected to be finished by the end of 2022. The project has the support of Gestilar, a highly experienced developer in terms of high end products, which will act as project manager and marketer.
Javier Rodríguez-Heredia, partner at Azora and in charge of the housing segment, explains «with these operations we show Azora’s capacity to find unique investment opportunities through which it generates added value to our shareholders».
Alexander van Riel, Head of Continental Europe at CBRE Global Investment Partners, adds: «this investment is in line with our investment strategy of increasing our exposure to the Spanish housing segment and we are delighted about developing high quality housing in this unique location, with our partner Azora».
CBRE GIP was advised by Jones Day, and Garrigues and Gabinete Inmobiliario/Doble Digito advised Azora.