20 February 2017 – ABC
The property developer Aedas Homes – in which the US investment fund Castlelake owns a stake – has arrived with a bang in Sevilla’s real estate market. Firstly, the entity has just announced that it is going to resume the largest project in the Sevillan capital in the last decade. The firm plans to start work on the first phase of Hacienda Rosario this summer – the project comprises a residential complex with 1,046 homes, set in the grounds of a large private park measuring 33,000 m2, with social and sports facilities.
In parallel, two months ago, Aedas acquired a half-finished building on Avenida Ramón y Cajal, numbers 12 and 13, where it will construct another 56 homes. And in Dos Hermanas, the company has purchased a plot of land from Sareb in Arco Norte, where it is going to build another 139 homes. (…).
Work on the garden areas (at Hacienda Rosario) has already started. At the moment, the building permits are being processed so that construction work of a first phase of 72 homes (equivalent to half a block) can begin in the summer, which will be completed at the end of 2018. Depending on the rate of sales, new phases will then be started accordingly. Most of these apartments will have between three and four bedrooms and, during the first phase, prices will range between €115,000 and €130,000, including one garage and storeroom per property. “Aedas’ aim is to connect with the demand from middle class Sevillanos”, says David Martínez Montero, Director General at Aedas Homes. (…).
Although the project was started by Gabriel Rojas, the US fund Castlelake acquired the land one year ago and has redesigned the project to adapt it to the current demand profile. The entire development will require investment of around €100 million and “Aedas plans to appoint local construction companies” to build the properties. (…).
Meanwhile, Aedas Homes is also working on the Arco Norte residential project in Dos Hermanas, on Calle Gonzalo de Berceo. (…). The first phase will see the construction of 50 family homes (there will be 139 in the development in total). These will be three and four-bedroom homes, with surface areas of between 130 m2 and 150 m2.
Finally, Aedas Homes also acquired a building, whose structure had only been half completed, from Gabriel Rojas two months ago (on Avenida Ramón y Cajal, 12 and 13). (…). Some of the 56 homes there will have two bedrooms, but the majority will have between 3 and 4 bedrooms. The property is also going to have a swimming pool on the roof.
Original story: ABC (by Luis Montoto)
Translation: Carmel Drake