Real estate company ADU Mediterráneo and the Confederación de Cooperativas de Viviendas de España (CONCOVI) closed the deal with the football club, which, according to Eje Prime, should be completely finished by the end of the year.
Within the 97.225 sqm terrain, the companies plan to develop a housing project which includes the construction of 485 new houses, as reported by newspaper Cinco Días. The other part of the terrain – about 41.456 sqm – will be destined for the tertiary sector, such as developing commercial areas. According to newspaper Expansión, this project represents an investment of around 400 million euro.
Valencia CF charged consultant Deloitte of advising the sale. ADU and CONCOVI delegated CBRE with the purchase management.
Thus, the Valencia football club will be able to finance the completion of the construction works of the new Mestalla Stadium, located North of the city, and which had been interrupted in 2009. According to Eje Prime, the opening of the new stadium is expected to take place in 2022.