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Aelca Debuts in País Vasco with Development of 311 Homes

15 March 2018 – Expansión

Aelca, the property developer controlled by the US fund Värde and the founding team, has made its debut in the País Vasco with the launch of a development comprising 311 homes in the town of Barakaldo (Vizcaya).

The company, which also has a presence in Cataluña, Madrid, Málaga and the Community of Valencia plans to hand over the first homes in 2020.

Specifically, this residential complex is going to be built in four phases. The first phase, marketing of which has already started, comprises 90 high-rise homes and 22 family properties. The construction of this first phase will begin in September this year and the first units will be handed over in the third quarter of 2020, explains the company. The second phase will comprise 119 homes, the third phase 40 units and the final phase 40 homes.

The firm constituted in 2012 by Javier Gómez and José Juan Martín, both now CEOs of the group, closed last year with a profit before tax (PBT) of €25.5 million, up by 154% and revenues of €132.2 million, up by 27%, and is preparing to continue growing through purchases.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake