Renta Corporación to acquire the former headquarters of Banco Atlántico in Madrid
• The estimated investment in this project is over €100 M
• The property is located on Gran Vía, in the heart of Madrid
March 13 th , 2006.
Renta Corporación has agreed to acquire what used to be Banco Atlántico’s corporate headquarters’ building at Gran Vía 48 in the centre of Madrid , where it plans to build a brand new 10,000 square metre plus residential building for medium-sized apartments. An estimated €100 M will be invested in this operation. The well-known architect Rafael de La-Hoz will be in charge of the development project.
Since building work first started in the early 19 th century, the façades of Gran Vía have retained a consistent style along its entire length. This unity of form is perhaps its most outstanding architectural feature and it is essential that this value is protected. The glass façade of the old Banco Altántico headquarters is one of the few sights to disturb the unity of Gran Vía’s buildings. By replacing it with a simple modern building it is intended that the previous homogenous style will be restored.
The project’s size and excellent location in the centre of Gran Vía, next to Plaza del Callao on the corner of Calle Tudescos, means it is sure to be an important urban and architectural landmark in the centre of Madrid for many years to come. The new building will contain a sizable shopping centre as well as approximately ten floors of apartments and some 200 parking spaces.
Rafael de La-Hoz
Rafael de La-Hoz, one of Madrid ‘s most outstanding architects, has won international acclaim for many of his projects, including the Junta Municipal building in Retiro and Telefónica’s new headquarters, known as “Distrito C”. Other well-known Madrid buildings on which he has worked include the BMW showroom and Endesa’s head offices in the Parque de las Naciones.
For further information: www.rafaeldelahoz.com
Background of Renta Corporación
Renta Corporación is one of Spain ‘s leading real estate companies, specialising in the acquisition, development and sale of property. Renta Corporación’s net consolidated profit grew by 63% to €32.5 M in financial year 2005. Total revenues also grew by 45%, reaching €324.1 M. EBITDA was up by 70% (€54 M). Investments amounted to €330.6 M.
The company’s activities centre around three business units: Residential Refurbishing, Office Transformation and Land Transformation. Renta Corporación operates in Spain with offices in Barcelona , Madrid , Seville , Malaga and Palma de Mallorca; in France with an office in Paris ; in Great Britain with an office in London ; and now in Germany too.
Renta Corporación prepares for Stock Exchange Listing
At the Extraordinary General Meeting held on February 9th, the shareholders of Renta Corporación resolved to apply for the listing of the company’s entire share capital on the Madrid and Barcelona Stock Exchanges and for its inclusion in the Spanish Stock Exchange Interconnection System (ISBE or Continuous Market). The company plans to structure the operation on an Initial Public Offering (IPO) of shares and a simultaneous Public Offer for the Subscription of new shares to be issued as part of a capital increase.
For further information: renta.uat.cink.es
This document is a press release and not a prospectus. Investors should not therefore acquire or apply for any shares or other securities mentioned herein without having previously consulted the information contained within the official prospectus relating to the flotation of company shares on the Madrid and Barcelona stock exchanges, which will be published by the company in due course. Copies of the prospectus will be available at the registered offices of the Company once they have been published.
This document should in no way be construed as an offer or invitation to treat, nor does it represent an offer to buy or subscribe to shares in the Company. Likewise, the contents of this document and the fact that it has been distributed must not be used as, or form the basis for, any kind of contract or decision to invest and do not constitute any recommendation as regards the securities of the Company.
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