Founder of the real estate company Riofisa, Mario Losantos, has taken a decision to come back to Spanish residential market. Through his investment vehicle Allegra Hólding, Losantos has acquired a plot of 3.328 square meters to construct more than 120 dwellings in Madrid.
In its first investment in the residential segment, Allegra will be accompanied by real estate and construction group ACR. (…). Both companies set up a new joint venture firm, in which Allegra holds 65% and ACR 35%. Total investment cost, land purchase and construction expenses included, will consume about €19 million.
The project will be launched just when summer ends, when the joint venture is awarded with the plot commercialized and put up on auction by Sareb. The land unit is situated in the north of Madrid, adjacently to the Castilla Square, between the streets Emilia and Sorolla, and has got development potential of 10.466 square meters. (…).
The purchase will be formalized in November and the project put in hands of Cano y Escario architect´s office. In April, Allegra and ACR will start commercialization of the 120 dwellings. “The houses´building works will begin at the end of the year and they will be sold for between €180.000 for a two-bedroom flat and €240.000 for a three-bedroom one”, says David Botín from ACR.
The project is believed not to be the only one in Mario Losantos and his partner´s plans. (…).
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE