Metrovacesa advances in the search for partners to build the office complex and other uses in the old Clesa factory in Madrid. The company has relied on various advisers, such as CBRE, to seal alliances with investors to whom it will sell the project as a turnkey or to associate in a joint venture. Once this complex is finished, which will receive the building license this year, it can approach an appraisal of 300 million euros, according to sources in the real estate sector.
The real estate complex of the old Clesa factory is one of the most important currently being carried out in Spain. These lands belong to the listed developer Metrovacesa –controlled by Santander–, which in recent years has advanced in the permits to adapt the old dairy plant to new uses.
The developer plans to build a mixed-use development of 88,700 square meters in that location. The intention of the real estate company is to build various buildings there. At least 50% of the area will be used for offices and 50% for other alternatives such as student residences, coliving (apartments with shared areas, for example for professionals) or for hotel activity. This plot is located next to the Ramón y Cajal Hospital and that is why the promoters foresee some type of accommodation linked to the stays of relatives of patients.
The formulas that Metrovacesa analyzes are varied. The company can sell the entire estate as a project in hand to an investor. In this way, the company carries out the work and takes that margin for finishing the property. You can also transfer the property as a turnkey but in various processes by type of assets: offices, hotels, coliving…
Another option is to approach the investment by creating one or more joint venture, in which the investing partner contributes the capital for the construction and Metrovacesa is the manager and developer, contributing the land. In this way, the developer led by Jorge Pérez de Leza would have a stake in those property assets dedicated to rental and that it could sell once they are operational to new investors, according to sources in the sector, who indicate that the real estate company has already had conversations with interested investors, without an agreement being finalized.
“In our tertiary business, our strategy is always to find the best way out for each asset, either by selling the land, turnkey or joint ventures, whichever is the best solution in each case”, they explain from Metrovacesa. “In the case of Clesa, we are still studying what the best uses are for each building in the field and how we should undertake its development, and whether the investment should be made alone or with other investors, without us having made a decision yet”, point at the company. “In this process, CBRE has provided us with its ideas as an advisor, along with other advisors,” they confirm, without revealing the name of the rest of the advisors.
The old Clesa factory has been abandoned since 2012. In previous years, the dairy producer was controlled by the Ruiz-Mateos family through Nueva Rumasa, but the group collapsed and closed the plant.
In the previous municipal legislature, Metrovacesa channeled a project for these lots, in which it respects a portion of the factory designed by the architect Alejandro de la Sota in 1957. In this protected part, the Madrid City Council chose in 2021 a project of the Dutch firm Kadans Sciencewhich has planned a hub for scientific companies there.