This agreement consists of the phased development of an office complex in Las Tablas, one of the main growing areas at a business and residential level, in the north of the Spanish capital.
Metrovacesa, which will have a 24% participation in the joint venture (the remaining 76% stays in the hands of Tishman Speyer and 50% for Allianz) will sell land for urban development throughout the different phases of the project, with a total floor area of 56,652 m2 and a global value superior to its current market value (GAV) of €87.6 million. In addition, it will be the local developer of the project, participating in its management.
This operation, which has been advised by the real estate consultant Colliers, will be financed by Crédit Agricole for the execution of its first phase.
Jorge Pérez de Leza, CEO of Metrovacesa, stated that "this new operation highlights the ability of Metrovacesa to attract operators with renowned international prestige that demonstrates the professionalism, credibility, technical capacity and potential of the company to develop differentiated projects with high added value".
Bernard Penaud, responsible for Europe of Tishman Speyer explains that "this first investment in Spain for more than a decade, represents an important step in the growth of our business in Europe. We have also identified that Madrid has a great lack of A level office space, and the essence of our business platform is to develop and own the highest quality assets in the world's major cities.”