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land Market News: Spanish Real Estate Intelligence

Community of Madrid Sells Seven Plots of Land
20 August 2019 The government of the Community of Madrid sold seven plots of land for 7.2 million euros in July. That single sale was more than was sold in the entire last four years. Obras de Madrid had only managed to sell land worth €2.9 million in land over the last three years. This year’s buyers included Mercadona, a company that builds funeral homes, logistics and real estate firms. The regional government is looking to raise more funds through the sale of another 18 plots of land. Mercadona acquired the most expensive asset, paying €2.541 million for a 4,200-square-meter plot of land, located in the neighbourhood of Ciudad Jardín, in Arroyomolinos. Original Story: El Confidencial - David Fernández Adaptation/Translation: Richard D. K. Turner
 
Metrovacesa to Develop Offices and Hotels on 1.2 Million Square of Land by 2023
20 August 2019 Last year, Metrovacesa revealed that its holdings include a gigantic, 6-million-m2 portfolio of land, enough to build 40,000 new homes. That total also 1.25 million square meters of land slated for the construction of offices, hotels and logistics assets. The firm announced its intention to "sell or develop" most of the 1.25 million square meters by 2023. Metrovacesa revealed plans for four major developments, accounting for 60% of the land bank, in a total investment of almost €390 million. The projects include La City and Loinsa in Barcelona and Clesa and Valdebebas in Madrid. Spain’s two biggest cities account for 86% of the portfolio, and 94% of those lands already have urban planning permits. The largest of the four is City Metropolitana, in Barcelona’s L'Hospitalet de Llobregat, with a buildable area of ​​135,000 m2. The property company plans to build mostly offices on the site, along with up to 20,000 m2 for hotels. Metrovacesa also has 58,131 m2 of buildable land in Madrid, where it plans to build Valdebebas. That project will likely consist of a 4-building office complex. Original Story: Cinco Días Adaptation/Translation: Richard D. K. Turner
 
Tomás Olivo Acquires Land in Marbella, Málaga and Huelva in Deals Totalling €68 Million
16 August 2019 Tomás Olivo, through his socimi General de Galerías Comerciales, has acquired a series of urban plots of land in the provinces of Malaga and Huelva worth 68 million euros.  In the first semester of this year, the Spanish socimi, 99.5% owned by Tomás Olivo, has made equity-financed acquisitions totalling 140 million euros. The firm acquired two million square meters for 25.7 million euros plus VAT just in Marbella. In Rincon de la Victoria, also in the province of Malaga, the investor acquired several plots of land, for a total of €11.5 million. Last July, General de Galerías Comerciales also announced that had purchased another urban plot of land, where it will be able to build 1,200 new homes, for 9.8 million euros. The socimi also purchased 66.6% of the 83,839-square-meter plot of land known as La Azucarera, in Malaga, for 4 million euros plus VAT. The socimi had already owned the remaining 33.4%. In addition, Olivo’s socimi acquired 103,576 square meters of land with a buildable area of ​​65,000 square meters in Huelva, where it plans on building offices. The firm reportedly paid 17 million euros. Original Story: ABC de Sevilla - María Jesús Pereira Adaptation/Translation: Richard D. K. Turner