IBERIAN CORESTATE Capital Advisors S.L. ("IBERIAN CORESTATE Capital"), a specialised real estate investment management platform based in Madrid, Spain, will be in charge of developing a multi-use tower with an investment volume of €240 mln next to Cuatro Torres, the medical and financial hub of the Spanish capital. IBERIAN CORESTATE Capital was formed early this year as a joint venture between CORESTATE Capital AG, a real estate investment manager based in Zug, Switzerland; Promociones Y Propiedades Inmobiliarias Espacio S.L.U., a real estate project development and asset management firm; and its sister company OHL Desarrollos, a leading real estate development firm, both part of Grupo Villar Mir and both based in Madrid. IBERIAN CORESTATE Capital will advise the project management and be responsible for the lease up of the tower as well as establishing the financial structure.
Submitting the most innovative concept for this prime plot, Icono Torre Vida, S.A., a project company of the joint venture partners, was able to distinguish itself from the competitors and win the public tender process from the city of Madrid, selling the plot in form of a leasehold. The plot measures 67,000 m² and allows for a footprint of 33,500 m² with a maximum buildable area of 70,000 m². Around 52,500 m² of this space shall be devoted to public use, set as a condition by the authorities of Madrid. The particular use, for instance in the context of a hospital, university or administration is presently evaluated. The remainder, up to 17,500 m² will be used as commercial area with a retail concept complementing the multi-use of the tower and catering to the needs of the numerous employees located in this catchment area, for example through providing supermarkets, restaurants and child care facilities. Three underground floors offer 2,000 parking units. The other 33,500 m² of the total plot are reserved for the development of a green area offering the public space for recreation and leisure.
Sascha Wilhelm, Member of the Board, IBERIAN CORESTATE Capital, comments:
"We are very excited that this major project marks the kick off and market entry of IBERIAN CORESTATE Capital in Spain. The five towers will contribute an important part to the long-term 'Castellana Norte Urban Development Project' as the towers represent the gateway to the business district in Madrid.
IBERIAN CORESTATE Capital is managing the process while the project development will be realized by Grupo Villar Mir. The project developer has developed more than 150 hospitals and 100 health centers, and executed 200 renovation and extension projects, establishing the company as the market leader in this segment."
Jose Antonio Fernandez Gallar, Member of the board, IBERIAN CORESTATE Capital, comments:
"We are very pleased to have established this partnership with CORESTATE Capital AG and to be able to launch the joint venture with this amazing project in Madrid. This multi-use tower will complete the development of the whole area and represents one of many important projects we are intending to realize as IBERIAN CORESTATE Capital within the next years."
Source: Corestate Capital
