The project will be developed in the south of Madrid. It will involve the development of a new airport to serve as an aviation school and to manage private aviation. The new facilities are expected to have about 50,000 flights per year.
The concession contract would be for a period of 40 years.
The total project investment is estimated at €230 million (US$262.1 million).
The project is scheduled to be operational by 2018, when the 5-year concession period awarded to Madrid's main airport, Barajas, for managing private aviation finishes.
The Spanish government has recently closed the privatization of airport operator AENA, which is the world's leading airport manager, moving 187.4 million passengers in 2013. The company runs 46 airports and two heliports in Spain and another 15 airports abroad, most in Mexico. The four stand-out airports in AENA are Madrid, Mallorca, Malaga and Barcelona.