Repsol expects to sell 38.000 sqm terrain for €115M

Repsol expects to sell 38.000 sqm terrain for €115M

Lots in front of Repsol 's HQ | Photo Collected From Google Maps

There are two lots, one with 19.000 sqm and the other with 18.000 sqm, located in front of Repsol’s headquarters in Madrid, at Calle Méndez Álvaro. The two assets together have a total buildable area of 38.000 sqm.

The first bids are on the table and Repsol expects to finalise the marketing stage, with the support of consultant CBRE, until the end of the year. This is already considered, by market sources, one of the most important terrain operations to be concluded this year.

The greatest interest the asset generated on the market’s players comes as no surprise, since the corporate and housing developments within the surrounding areas have brought dynamics to this area of the Spanish capital. Sources contacted by newspaper Cinco Días assumed that, due to these circumstances, there is the possibility of closing the deal at 3.000 euro/sqm.

Amongst the several companies bidding for the terrains are Acciona, which intends to refurbish an office building and Spanish REIT Colonial, which is following through with its project Campus Méndez Álvaro, estimated at 300 million euro and which should combine offices with housing.

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