Located in Arroyo de la Vega with a surface area of approximately 70,000 m2 At the Barcelona Meeting Point today, Ferrovial Inmobiliaria and Lar Grosvenor announced their alliance to jointly develop the OMEGA project, an ambitious business park concept in Arroyo de la Vega, Alcobendas, in the outskirts of Madrid. The alliance brings together two leading real estate developers with the investment capacity to undertake projects of this size. The Omega project has the backing of the developers´ solid financial profiles, their expertise in land management and urban development, the complementary nature of their businesses and their thorough knowledge of the property market and its business potential. In line with the latest trends in European industrial park concepts, OMEGA will combine flexible workspace and a broad retail and leisure offer in a landscaped setting. The complex will comprise eight separate buildings, mostly for office use, which will allow the space to be efficiently distributed in response to an ever-changing business environment. Each building has five stories and a basement. In addition the complex has 1,500 parking spaces. Construction is scheduled to begin on OMEGA in early 2003, with development being carried out in three stages and involving a total investment of 100mn. The first stage is due to be completed by mid-2004. After months of studying the concept of a business park, and referring to various successful models and styles tried out in more mature real estate markets, such as the US and the UK, renowned architect Federico Echevarría´s design was chosen for the project. Exclusive co-consultants in Omega´s marketing are international consultants, FPD Savills and Knight Frank. Among other features, OMEGA offers a variety of communal one-stop services in the park, together with high quality and environmentally friendly standards. Álvaro Echániz, Ferrovial Inmobiliaria´s CEO added: "The rapidly increasing importance of this area as a prolongation of the city´s main arterial road, la Castellana, coupled with the fact that it is situated within easy reach of Madrid´s Barajas airport, gives the Omega project unique potential, which carries with it a singularity that will make it a benchmark for our market." Miguel Pereda, CEO of Lar Grosvenor said: "The new concept of flexibility provided by Omega gives companies of any size the opportunity to locate in Madrid in emblematic buildings that can quite easily be used as their headquarters, within an environment which makes them easily identifiable."