MADRID: GMP Architekten and L35 has won an international design competition to transform Real Madrid’s Estadio Santiago Bernabeu home into “the best stadium in the world.”

The proposal from the German and Spanish firms defeated rival offers from three other finalists. It is expected to cost around €400m and its design is highlighted by striking metallic-look cladding that will envelop the entire stadium, which currently seats just over 80,000 fans.

The new-look Bernabeu will feature a retractable roof that will open and close in 15 minutes, while a new tier will be added to the east side of the facility. A new shopping complex and hotel will be located inside the building, while the stadium will benefit from the latest in venue technology with a 360 degree video ribbon board set to be located within the roof itself.

The Bernabeu has undergone a number of renovations since it opened in 1947 and initial proposals for a new redevelopment were first revealed in September 2011.

Club president Florentino Perez oversaw a significant redevelopment of the stadium during his first spell in power between 2001 and 2006, and claims that €208m has already been invested in the venue during his time in charge.

Volkwin Marg, founder and owner of GMP Architekten, said the Bernabeu revamp represents the biggest project in the company’s history.

Perez added: “The new Santiago Bernabeu will be a privileged territory for emotions and a source of pride for all our fans. We want to be the best stadium in the world, with maximum comfort, and an icon of modern architecture.”

A naming rights deal has been considered a key part of financing the development and a host of major corporations have already been linked with the contract. The project is expected to take three years.