The report, presented these days, was prepared by PwC at the request of Valdebebas Compensation Board, with the aim to evaluate potential economic impacts for Spain, as a consequence of Brexit, due to the attraction of companies located in the UK.
César Cort, President of Valdebebas Compensation Board, highlighted that in Valdebebas live more than 10.000 people, a number that “will double within the next months”. However, he has pointed out that many people do not know that 50% of buildable area in Valdebebas is for tertiary use. Madrid City Council is the main owner of it, with a total of 250 000 m2, and requested a license for 1.3M square meters, representing one third of total tertiary use in Madrid. For that reason, and in light of the opportunity Brexit presents and the economic recovery, they want to promote Valdebebas as a “Fintech District”.
Jordi Esteve, Director of Strategy&, strategy consultant team at PwC, mentioned that currently Spain is not one of the favorite destinations to attract companies’ post-Brexit, since there are others best positioned countries, like Germany, France and Ireland. Frankfurt, Dublin or Paris are some of the cities more valuated by several companies as for London alternative locations. He also stated that UK itself will be the major competitor. However, he believes Spain has time to overcome, for what has advocated the “involvement of both the public and private sector”.