Logos of Spanish energy, construction and services conglomerate Acciona, are seen on a wall during company's annual shareholders meeting in Alcobendas, outside Madrid, May 10, 2016. REUTERS/Sergio Perez
(Reuters) - Spanish engineering firm Acciona and French rival Eiffage won a contract to build Madrid's new Formula 1 circuit, Acciona said on Tuesday.
The construction of the 5.47 kilometre (3.35 miles) long race track in an urban area in Madrid's northeast around the IFEMA exhibition centre will begin this month and it is expected to be completed by May 2026 and cost 83.2 million euros ($94.57 million), Acciona said.
Acciona controls 60% of the joint venture, while Eiffage holds the remaining 40%.
The inclusion of a new circuit within the Madrid city boundaries is part of the current Formula 1 trend of taking races to population centres, with concerts and entertainment thrown in, even if the tracks themselves are not necessarily conducive to great racing.
Most of the latest additions to Formula One's calendar have been urban with the Las Vegas Strip, Jeddah's Corniche, Miami's Hard Rock Stadium and Singapore's Marina Bay standing out.
The Madrid circuit will eventually replace Barcelona's Circuit de Catalunya, currently host of the Spanish Grand Prix, which is located some 32 km from the eastern port city with a roughly 45-minute walk from the nearest station.
Spain would have an overlap next season with Madrid coming in as the new Spanish venue when Barcelona will be in the final year of its contract.
($1 = 0.8797 euros)
(Reporting by Javi West Larrañaga; Editing by Inti Landauro and Jacqueline Wong)
