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Allegra & ACR Invest €130M To Construct 600+ Homes

27 September 2017 – Expansión

The construction and real estate group ACR and its partner Allegra Holding, the investment arm of the Losantos family (former owners of Riofisa) have expanded their alliance in the Spanish real estate sector, with three new operations.

The partners have recently acquired three new plots of land, one in Madrid and the other two in Pamplona, with a combined surface area of 45,000 m2. In the case of the first, the plot of land is located in Vallecas, measuring 10,000 m2, where they plan to build 100 private homes, with an estimated investment of around €19 million.

In the case of Pamplona, it represents the first operation outside of the Community of Madrid. Specifically, ACR and Allegra have acquired two plots of land in the El Ensanche area, where they plan to construct between 120 and 140 2-, 3- and 4-bedroom homes.

These latest operations follow others undertaken just a few months ago, when the joint venture between ACR and the firm led by Mario Losantos invested more than €29 million in land, also in Madrid, specifically, in the El Cañaveral district.

In total, both companies have invested €130 million to build more than 600 homes, under the brand Nature. “It is a successful alliance that is continuing to make progress and it demonstrates the strong performance of both companies in the market, which is allowing us to continue evaluating new investment alternatives in Madrid, but also in other locations such as Barcelona, Málaga and Levante”, explains David Botín, Director General of Real Estate Development at ACR Grupo.

After years focusing on international real estate markets such as London and New York, the family office led by Mario Losantos returned to Spain three years ago, to invest in plots of land for residential use and to build homes on them. In its first operation, in February 2014, and in partnership with ACR Grupo, they invested around €19 million in the construction of 96 homes on a plot in the north of Madrid. A year later, they started work on 42 exclusive homes in the Puerta de Hierro area.

Beyond the residential segment, Allegra has also invested in office buildings, logistics platforms, as well as commercial premises in Castellana.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake