Spain’s 7th richest man buys land for Madrid mega mall

The Valdebebas Owners Council has accepted an offer presented by General de Galerías Comerciales SOCIMI, S.A. for a plot of land located in the Valdebebas neighbourhood, situated 8km north of Plaza de Castilla in north-eastern Madrid.

The neighbourhood – which is well-known for being home of Real Madrid C.F.’s training grounds – is bordered to the north by La Moraleja, to the south by IFEMA, to the east by Madrid’s International Airport and to the west by Sanchinarro.

Majority owned by Tomás Olivo, whose fortune is estimated at €2.1 billion, the REIT’s offer is understood to be in the region of €55 million and follows a busy year for the property mogul. Among other acquisitions, during 2019 he paid €42 million for Las Terrazas Shopping centre in the Canaries and and €28.5M for Dos Mares Shopping Centre in his native Murcia. Both deals had Cushman & Wakefield acting as an advisor.

Earlier on in 2019, The Valdebebas Owners Council hired Savills to market the so-called “commercial tablet” which has building rights of 145,794m2. The estate has additional space for a 36,449m2 office building as well as 24,500m2 for landscaped areas.

Representing the vendors, Marcos Sánchez Foncueva, has declared that “Valdebebas will be the engine of real estate investments in Madrid with a renewed revitalization of the residential, tertiary and commercial sector.”

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