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land Market News: Spanish Real Estate Intelligence

Acciona Acquires a Plot of Land in Valdebebas as Ferrovial Looks to Sell Another
17 September 2019 Madrid’s real estate sector has seen a series of major transactions in recent months. In the most recent, Acciona acquired a 31,700-m2 plot of land from the company Celteo Business, including 26,018 m2 for residences and 5,755 m2 for stores. According to market sources, the conglomerate paid 2,000 euros/m2, a two-fold increase over the average price just five years ago. The deal, which totalled approximately 63 million euros, secured enough land to build about 260 homes. Ferrovial, for its part, has decided to wrap up its development business and is looking to sell a plot of land just in front of the Cercanías train station. The firm is asking for about 2,000 euros per square meter or roughly 54 million euros for a 27,200-m2 plot of land. The land consists of 22,700 m2 for residences and 4,500 m2 for stores and would fit about 230 new homes. Before sales begin on the Madrid Nuevo Norte development, Valdebebas is one of the few areas in Spain’s capital offering new housing. "Valdebebas is the only option for many families looking to buy a newly-built home… while it is also one of the few areas with finalist land for developers," says Samuel Population of CBRE. According to a study by Foro Consultores, there are currently 11 new developments underway in the area, totalling 857 new homes, almost half of which have already been sold. The prices of the homes, according to the same firm, range between 450,000 and 650,000 euros, with the average price per square meter between 3,800 and 3,700 euros. Original Story: El Confidencial - Elena Sanz Adaptation/Translation: Richard D. K. Turner
 
Villar Mir Sells Land and Development Rights to Two Apartment Blocks in Málaga to Aquila Capital
17 September 2019 Inmobiliaria Espacio, a subsidiary of the Villar Mir Group, has reached an agreement with the German fund Aquila Capital to sell the land and projects for two 450-flat apartment buildings, each more than 120 meters high, part of the Martiricos project in central Malaga. The Espacio Medina company, 70% owned by Villar Mir and 30% owned by Afinipo, of Unicaja, initially led the Martiricos development. In addition to the two apartment buildings, the development includes an office building, a subsidised (VPO) 224-flat housing block and 50,000-m2 of green areas. The project’s estimated investment is expected to reach 240 million euros. The agreement includes the land where the two towers will be built and the associated project. Villar Mir will remain responsible for the urbanisation works. The two firms declined to reveal the amount of the sale. Original Story: Expansión - Rocío Ruiz Adaptation/Translation: Richard D. K. Turner
 
Sergio Ramos Agrees to Sell Failed Developer to Kronos Homes
16 September 2019 Sergio Ramos, the footballer who plays for Real Madrid, has reached an agreement with Kronos Homes to sell a 51% stake in Desarrollos Inmobiliarios Los Berrocales SL. The developer owns half a million square meters in Vicálvaro, Madrid, and has debts of 39 million euros. Kronos Homes will buy the 49.99% stake owned by Sergio Ramos himself and another 1% from his father and advisor, José María Ramos. The two invested 6.5 million euros in the real estate developer more than ten years ago. Kronos Homes has agreed to pay €2.5 million for the stake, leaving the footballer with 46,250 square meters of the land. The fund also agreed to acquire that land at a gross price of 120 euros per square meter within four years, about double the amount Kronos had already paid for Proinsa (€51/m2). In total, therefore, Sergio Ramos will receive eight million euros by 2023. However, Ramos also owes interest on the original €30-million loan from Banco Pastor, totalling approximately 9 million euros. Original Story: El Confidencial - Agustín Marco Adaptation/Translation: Richard D. K. Turner