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Metrovacesa sells a tertiary terrain in Madrid to Corestate
05 December 2019 | Observatorio Inmobiliario

Developer Metrovacesa concluded the sale of a tertiary terrain in Madrid to Corestate. The amount of the operation was not disclosed.

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Metrovacesa Headquarter

The terrain has a buildable area of more than 8.700 sqm and is located in Las Tablas, Northeast of the Spanish capital. In it, Corestate will construct a Business Apartments building, operated by its own brand Joyn and adapted to the needs of business travellers, with work areas, lounges, a gym and a restaurant.

The company expects to conclude the development of this building by the first quarter of 2022 and it will feature 207 apartments with between 24 and 40 sqm.

With this new operation, Metrovacesa follows through with its goals in terms of terrain sales for 2019.

Metrocavesa’s CEO, Jorge Pérez de Leza, remarked that «this sale is incorporated in our divestment strategy for our tertiary terrain portfolio» and he further revealed that «we will keep working to take advantage of all possible market opportunities and to surpass the goal of 100 million euro in terrain sales we set for this year».

Currently, Metrovacesa has a tertiary terrain portfolio estimated at around 640 million euro.