The intention to sell the housing parcel of this terrain located at the Méndez Álvaro area of Madrid to Vivenio had already been announced at Repsol’s board meeting which took place at the end of November, but it was only now confirmed and sealed by the Spanish REIT. Consultant CBRE advised Repsol on this process.
The parcel has a buildable area of 16.322 sqm for housing use, where the REIT will build between 200 and 250 dwellings for rental.
It is located at Calle Méndez Álvaro in front of Repsol’s headquarters in Madrid and it is part of a terrain which has a 38.000 sqm buildable area, which is considered «one of the last great parcels to develop inside the M-30». This area is considered to be «urbanistically consolidated, combining housing and commercial uses with the presence of important corporate headquarters».
The remaining 19.564 sqm of the buildable area were sold by Repsol to group GMP for a similar amount. But this parcel will have different uses such as offices, hotels and co-living spaces.
With this acquisition, Vivenio adds its second large development within Madrid’s M-30, since in August last year it acquired the last parcel of project Mahou-Calderón for more than 80 million euro.
The operations Méndez Álvaro and Mahou-Calderón represent a landmark for the REIT owned by Renta Corporación and Dutch fund APG, since it will have a relevant project on each of the two remaining large terrains still available within the M-30.
