Atletico generates €100mn from Vicente land sale



Linkedin Twitter

Vicente Calderon Stadium Image: auraree.com

Spanish football club Atletico Madrid have generated €100 million after selling two plots of land at their old Vicente Calderon stadium, with another plot still to be sold, according to media reports.

The club plans to rake in a total of €180m from the sale of the area which held their stadium that they vacated at the conclusion of the 2016/17 campaign, Football Espana reported.

The sale to the Azora and CBRE GIP fund was confirmed in July and will generate significant revenue for the capital club.

Financial terms of the deal were not disclosed, but Spanish news agency EFE said Azora and CBRE GIP have paid around €100 million for the land. Azora and CBRE GIP will now develop and commercialize a “high-quality” residential project with unique common areas.

The land plots are part of the project known as New Mahou-Calderón, which represents the most important urban project within the Madrid ring-road M-30, comprised of more than 132,000sqm of residential surface, a wide range of green areas, as well as different services and public areas to cover various neighborhood needs.

Azora and CBRE GIP have acquired the two land plots closest to the Manzanares River, where two residential buildings will be developed with a total of around 340 units. The project has a total area of 35,000sqm and will also feature a wide range of green areas, terraces, an outdoor pool, gym and other features.

Construction is expected to start during the last quarter of 2020 and should be completed by the end of 2022.

The Spanish club hopes to make another €80m from selling the main package, the largest of which stands at 28,481 square meters of the entire 63,076 square meters of land.

The summary of the situation in Diario AS added that the club “had the foresight to obtain an economic benefit of between €170-180 million and that forecast will be met.”

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Coliseum facilitates a dialogue between stadiums, arenas, clubs, leagues and experts and enables them to learn from each other while establishing relationships. Coliseum’s digital 365Coliseum Business Center is a vast pool of resource for the stadium and arena industry world-wide.




« Previous News:
» Next News:



More News

German Grand Prix with fans

German Grand Prix likely with spectators

Published: September 23, 2020

The Formula 1 German Grand Prix is likely to be held in front of 20,000 spectators on October 11th,... » Read more

Bundesliga back with fans

Fans back in Bundesliga fixtures

Published: September 23, 2020

For the first time since March, fans graced Italy’s Serie A and Germany’s Bundesliga matches... » Read more

UK not back with fans before November

COVID ‘killjoy’ in fans’ return to UK events

Published: September 23, 2020

Much to the consternation of fans, UK Cabinet Office Minister Michael Gove has said that spectators... » Read more

Budapest Supercup news Sept. 2020

COVID put UEFA fans on the back foot

Published: September 23, 2020

With COVID-19 showing no signs to abate, fear writ large on several football fans’ faces. Though... » Read more


Newsletter sign-up