Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has acquired a site from property company GMP for the development of a new headquarters on the northern outskirts of Madrid. The lender said that the head office will be located in the Empresarial Foresta business park and will involve a total investment, including the purchase and construction costs, of more than EUR 700 mln. The office, due for completion by 2010, will provide some 100,000 m[sup]2[/sup] of space for the bank's 6,500 Madrid-based employees.
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