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Operación Calderón: Azora Set to Buy 2 of Atlético’s Plots for Rental Homes

23 May 2019 – El Confidencial

Azora, one of the largest rental home managers in the country, has made a surprise appearance in the home stretch of the process to sell the plots of land owned by Atlético de Madrid.

The company owned by Concha Osácar and Fernando Gumuzio has submitted a binding offer to the football club to buy two of the three plots that form part of Operación Calderón and, according to sources in the know, the bid fulfils all of the requirements of the team. As such, Azora looks set to take over the bulk of the land that the reds and whites are selling by the river.

The rental home specialist has declined to comment on the reports, but all indications are that it plans to build rental homes on the two plots, to boost the growing rental market in the Spanish capital. It would thereby follow in the footsteps on the fund Ares, which has just signed an agreement with Stoneweg to build a block of rental homes on a plot on Paseo de la Dirección, in the north of Madrid.

Indeed, the Spanish-Swiss firm is one of the favourites to acquire the third plot of land in Operación Calderón, which Azora did not bid for. The cooperative manager Concovi is also in the running for that site.

Atlético de Madrid expects to raise around €180 million from the sale of the three plots and 11% of the residential space will be dedicated to social housing properties.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake