Repsol should sell 38.000 sqm terrain in Madrid to Vivenio and GMP

Repsol should sell 38.000 sqm terrain in Madrid to Vivenio and GMP

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

This operation, which is already considered one of the most important of its type in 2020, should be concluded for between 90 and 100 million euro, according to newspaper El Confidencial. The decision was announced this Wednesday during Repsol’s board meeting.

REIT Vivenio – managed by Renta Corporación and by Dutch APG – received the parcel destined for housing use with an area of 3.822 sqm and a buildable area of 18.058 sqm. Despite most of this area - 16.322 sqm – being destined for housing, this parcel also has around 1.736 sqm for commercial use. 200 dwellings should be built and placed on the city’s housing rental market.

Group GMP acquired a terrain destined for tertiary use with 2.843 sqm and a buildable area of 19.564 sqm which will allow the development of a diversified set of assets, such as offices, hotels and coliving spaces.

Repsol decided to place this terrain, with a buildable area of almost 38.000 sqm, on the market in July. The asset is located exactly in front of its Madrid headquarters, at Calle Méndez Álvaro, and is part of the capital’s M-30 axis.

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. If the operation is concluded for 100 million, the price per sqm will reach 2.631 euro.

This news appears after Repsol and consultant CBRE, in charge of its negotiation, received more than 50 bids for its acquisition. Grupo Lar, Acciona and Grupo Ibosa were some of the bidders.

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