Oil company Repsol will invest about EUR 300 mln in an industrial estate in Madrid which will house its new headquarters, Spanish national newspaper El Pais reported, without disclosing the source of its information. The oil and gas company has acquired a 30,000 m[sup]2[/sup] plot of land from its affiliate Compania Logística de Hidrocarburos (CLH) to develop a business park comprising six to eight buildings in the Spanish capital for an undisclosed amount.
Oil company Repsol will invest about EUR 300 mln in an industrial estate in Madrid which will house its new headquarters, Spanish national newspaper El Pais reported, without disclosing the source of its information. The oil and gas company has acquired a 30,000 m2 plot of land from its affiliate Compania Logística de Hidrocarburos (CLH) to develop a business park comprising six to eight buildings in the Spanish capital for an undisclosed amount.
Repsol abandoned its previous project to establish its headquarters in the central skyscraper development in Madrid designed by British architect Norman Foster. The company now plans to put that building up for sale when completed, El Pais said. Repsol could raise up to EUR 800 mln through the sale, with capital gains of about EUR 300 mln.
The site for Repsol’s new headquarters is located in the heart of Madrid, close to Atocha central station. The office development will provide 50,000 m2 of lettable area and about 2,100 parking spaces, as well as various facilities, including a restaurant, a gym and a leisure area. Completion is scheduled for the end of 2009.