IGB v. Spain Inversión y Gestión de Bienes, IGB, S.L. and IGB18 Las Rozas, S.L. v. Kingdom of Spain (ICSID Case No. ARB/12/17)
Venezuela, Bolivarian Republic of
Capital expenditure of over EUR 25 million for the acquisition of land to develop a residential complex in the municipality of Las Rozas, Madrid.
Claims arising out of the non-approval of an urbanistic plan for the development of a residential complex in Madrid, after allegedly receiving incentives from the municipality of Madrid to carry out the investment.
Tertiary: F - Construction
Tertiary: L - Real estate activities
41 - Construction of buildings
68 - Real estate activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Oreamuno Blanco, R.
Decided in favour of State
25.00 mln EUR (30.70 mln USD)
Data not available
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

National treatment

Umbrella clause

None - all claims dismissed at the merits stage