Andorra Telecom

Tuesday 24 de July de 2018

Andorra Telecom will embellish the plot and streets adjacent to the area where The Cloud building is to be built

The company's Board of Directors analyses the latest events and requests new reports on the project

Andorra Telecom will carry out a project for the provisional adaptation of the plot within Avenida Meritxell and the Bonaventura Riberaygua, Borda and Sant Salvador streets, where The Cloud building will be built. The purpose is to embellish the plot, make it accessible to the public and remove the fences that currently separate it from the surrounding area.

Similarly, as outlined in the agreements signed by Andorra Telecom and the City Council of Andorra la Vella, the company will carry out the urbanisation, paving and embellishment of the public space located in front of the plot, as well as that of the adjacent streets. The definitive refurbishment of these streets will allow better connections between the commercial areas of Bonaventura Riberaygua and Fener and the central part of Avenida Meritxell, which has already been renovated, thereby contributing to promoting the above commercial areas.

Andorra Telecom and the capital’s City Council envisage having this work completed by the beginning of the winter season. Jordi Torres, Chairman of the Board of Directors and Minister of Territorial Planning, thanked the City Council of Andorra la Vella for its cooperation.

The telecommunications company reached these decisions during the meeting of the Board of Directors held on Tuesday to discuss the tender for The Cloud building. The team of architects that drafted the project and the property representatives submitted the preliminary analyses of the differences between the offers submitted and the base estimate. The members of the Board of Directors listened to the explanations and asked for additional information, as well as a joint report with clear conclusions supplied by the property representatives and architects.

The decision to put The Cloud project on hold was made on Wednesday, as the bids far exceeded the estimate and, therefore, the profitability of the project could not be guaranteed. Andorra Telecom remains committed to a new project in this strategic area, located in the middle of the commercial hub, which should contribute to the diversification of the company’s business model. In this regard, Andorra Telecom believes that the plot should accommodate a project that is a pole of activity transforming the urban environment, capitalising on a valuable asset which is a point of reference in terms of innovation and sustainability.

The Board of Directors stressed that this is a national project but, at the same time, it forms part of the strategy for the diversification of Andorra Telecom’s activity and, therefore, must be fully viable from an economic point of view. Jordi Torres positively valued the new activities of Andorra Telecom, which have led to new income for the company in addition to the revenue from its traditional activity. In this regard, Mr Torres focused on the investment in the Másmóvil company, which reported a capital gain of 26.7 million euros at the end of 2017.
 
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