21 May 2018 – Eje Prime
Aedas Homes wants to cause a storm in Valencia and already has plans to build 500 homes in the city, which is famed for its firecrackers and fireworks. Now, the listed property developer is increasing its portfolio of buildable land in the Mediterranean city with the acquisition of 15,000 m2 of land in the Patraix area, split into two plots.
The real estate company in which Castlelake holds a stake could have invested between €5 million and €6 million in these plots, after paying between €350 and €400 per square metre acquired in this operation, according to València Plaza.
The company, which has declined to confirm or deny the information, is whereby adding its fifth project in Valencia, where it already has developments underway in the Quatre Carreres and Nou Campanar districts. Moreover, the property developer recently acquired a plot in Mislata, a town in the capital’s metropolitan area, where it will start building homes next year.
With these operations, Aedas is looking to rival Neinor Homes to become the property developer king of Valencia, a region where, traditionally, investment in the real estate sector always grows early when the Spanish economy is enjoying an upward cycle.
Also in the Community of Valencia, the property developer led by David Martínez has six more projects underway in Alicante, split between the coastal towns of Denia and Jávea and the capital.
Currently, Aedas Homes owns more than 1.5 million m2 of land, almost all of which is buildable. On that surface area, the property developer plans to build up to 13,000 homes in Madrid, Sevilla, Costa del Sol, Cataluña, Levante and the Balearic Islands. Similarly, the company is preparing for its developer break-even point, given that in 2022 it will hand over more homes than it builds.
Original story: Eje Prime
Translation: Carmel Drake