Swiss investor Corestate has unveiled its first major investment in Spain with the construction of a €240 mln mixed-use tower in Madrid's Cuatro Torres medical and financial hub.
Swiss investor Corestate has unveiled its first major investment in Spain with the construction of a €240 mln mixed-use tower in Madrid's Cuatro Torres medical and financial hub.
Iberian Corestate Capital, a joint venture between Corestate and local developers OHL Desarrollos and Promociones Y Propiedades Inmobiliarias Espacio, will be in charge of developing the scheme on a 67,000 m2 plot of land after having won the public tender organised by the City of Madrid.
The site allows for the development of five towers with a total of up to 70,000 m2, including 52,500 m2 for public use such as a hospital or a university, and 17,500 m2 of retail space. The project, which also includes around 2,000 parking spaces, is part of the larger Castellana Norte Urban Development Project in the Spanish capital.
Iberian Corestate Capital will be responsible for project management, the lease up of the tower as well as establishing the financial structure.
'We are very excited that this major project marks the kick off and market entry of Iberian Corestate Capital in Spain,' commented Sascha Wilhelm, member of the board of Iberian Corestate Capital.
Grupo Villar Mir, a specialist in the development of hospitals and health centres, will be responsible for project development.
'We are very pleased to have established this partnership with Corestate Capital 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,' added Jose Antonio Fernandez Gallar of Iberian Corestate Capital.