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Colonial Expects to Earn €25 Million a Year from Madnum, its Mixed Use Mega Project in Méndez Álvaro

The Socimi has unveiled a campus in which it will invest 323 million euros to create 56,000 square metres of offices, 374 rental homes and 5,000 square metres of retail space.

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Colonial has baptised Madnum and presented the project in public (and in detail) for the first time. The complex that the company is developing in Méndez Álvaro, in Madrid, will span more than 90,000 square metres and will be destined to mixed use including offices, rental homes, retail space and green areas. The first houses will be delivered at the end of 2023 and the doors of the offices will open at the beginning of 2024. The tenants are expected to include several first-class multinationals.

With a total investment of 323 million euros (which includes everything from the purchase of land to the finishing touches), the Socimi which is listed on the Ibex 35, expects to earn around 25 million euros a year from average rents of 26 euros per metre for its offices and of 1,200 euros per month from its homes. For the time being, it does not expect to sell the residential block, in whole or in part, which will comprise 374 units.

Read the full article in Spanish.

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