This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at La “City” de l’Hospitalet se ha vendido por 55 millones de euros

The "City" of L'Hospitalet has sold 55 million euros

15/04/2006

Sacresa, Metrovacesa and Dragados bought the L'Hospitalet City to the Consorci de la Franca area of Barcelona for 55 million euros, making effective agreement in 2004.

The Metropolitan City of L'Hospitalet, designed by Jean Nouvel, will be fully promoted by companies Sacresa, Metrovacesa and Dragados. These companies have paid 54,9 million euros to effect the purchase option, which was signed the year 2004 with the Consorci de la Franca area of Barcelona, to get all of the ownership of this project.

The City will be one of the main areas of business of L'Hospitalet, a real estate complex of about 162.537 m² of roof situated between Gran Via Sud and the 2 Montjuïc, Fira de Barcelona campus, with buildings for officesshopping area and a hotel. A project involving an investment of more than 210 million euros.

The Zona Franca Consortium sold half of the grounds of the City to the aforementioned companies in 2004 to be made effective the sale of plots that constituted the northern part of the project. In that agreement, the companies now purchasing signed an option to purchase on the rest of the project, whose property maintained the CZFB in their hands: 21.941 m² of surface and 78.743 m² of roof built.

At the moment, Sacresa and Metrovacesa have acquired 50% of the proindivisa plot, with 40,408 m² of total roof, for a price of EUR 6 million.

In addition, Sacresa has acquired two plots, representing and 25.931 m² of roof for 24.3 million euros.

Metrovacesa has acquired two plots, representing 23.511 m² of roof, 17.6 million euros. Dragados, in turn, has acquired for 7 million EUR 9.637 m² of roof.