ICONIC MADRID BUILDING SOLD TO CHINESE BUSINESSMAN

Edificio España in Madrid

One of Spain´s tallest buildings, the iconic Edificio España in Madrid, has been sold to a Chinese businessman, Wang Jianli.

The building was designed by architect Julián Otamendi and his brother, engineer Joaquín Otamendi, in the Neo-baroque style and constructed between 1948 and 1953. It was the tallest building in spain until losing the title to the Torre de Madrid in 1957, also designed by Otamendi.

With its 25 floors and standing at a height of 117 metres, the building is now the 8th tallest in the Spanish capital. Once home to the Crowne Plaza hotel, shopping centre and apartments until 2006, the building was to undergo extensive renovation work, with plans for a larger hotel and luxury apartments, but the building has stood empty for some time after the renovation work was paralysed in 2010.

According to the President of the Comunidad de Madrid, Ignacio González, the building has been sold to the Chinese businessman, who is looking to expand into Europe, including spain and the UK, with plans to convert the building into the luxurious hotel and shopping mall that it was destined to become.

González also said that the work will inevitably lead to the “recovery of a flagship area of Madrid”, and greeted the sale with enthusiasm, ensuring that all efforts would be made to ensure the sale and development goes through without issue.

Filed under: http://www.theleader.info/article/43033/

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