Independent asset manager Azora and financial services firm CBRE Global Investment Partners have agreed a deal to acquire two plots of land on which the former home of Atlético de Madrid currently stands, with the Spanish LaLiga football club reportedly set to meet its revenue targets for the sale.
Azora, which specialises in real estate, has teamed up with CBRE GIP to purchase what they claim are the best two plots in the Green Corridor of Madrid Rio, owned by Atlético and located where the Estadio Vicente Calderón stands.
Financial terms of the deal were not disclosed, but Spanish news agency EFE said Azora and CBRE GIP have paid around €100m (£89.7m/$112.4m) for the land. Azora and CBRE GIP will now develop and commercialise a “high-quality” residential project with unique common areas.
The land plots are part of the project known as New Mahou-Calderón, which represents the most important urban project within the Madrid ring-road M-30, comprised of more than 132,000sqm of residential surface, a wide range of green areas, as well as different services and public areas to cover various neighbourhood needs.
Azora and CBRE GIP have acquired the two land plots closest to the Manzanares River, where two residential buildings will be developed with a total of around 340 units. The project has a total area of 35,000sqm and will also feature a wide range of green areas, terraces, an outdoor pool, gym and other features.
Construction is expected to start during the last quarter of 2020 and should be completed by the end of 2022. Javier Rodríguez-Heredia, managing partner at Azora and responsible for the residential division, said: “This transaction shows Azora’s capacity to find unique investment opportunities through which we can generate added value for our shareholders, in particular with this exclusive and unique development, located in the Green Corridor of Madrid Rio at only 10 minute walking distance from the Main Square of Madrid (Plaza Mayor) and the Royal Palace.
“It also has excellent transport communications, and ample common and green areas difficult to find today within the heart of Madrid, creating added value for the city of Madrid.”
It was announced that Estadio Vicente Calderón would be transformed into housing and green space after approval was granted to demolish the stadium in November. Atlético moved into the 68,000-seat Wanda Metropolitano stadium at the start of the 2017-18 season. The 55,000-seat Calderón had served as the club’s home from 1966.
The AS newspaper added that Atlético is next week set to complete the process by selling the third, and largest, plot of land. Atlético had targeted around €170m to €180m from the sale of the land and AS said this last plot will fetch around €80m, meeting this goal. The Vicente Calderón’s main stands are set to be demolished in September.