Aedas Negotiates the Construction of 500 Rental Homes in Madrid
1 March 2019 – Expansión
Aedas wants to benefit from the investor appetite for residential rental assets as an alternative source of income and cash generation. The property developer is negotiating the construction and delivery of four turnkey developments comprising 500 homes for an institutional investor.
The homes, which are going to be constructed in Madrid and two adjoining municipalities will be dedicated to rental housing. “We are assessing the possibility of doing the same in Barcelona, Sevilla and Alicante”, explained David Martínez, CEO of Aedas Homes (pictured above), speaking to Expansión (…).
In 2018, the company invested €112 million in land on which to build 2,600 homes; and it also has options to purchase more land for an additional 400 units.
“The plan for this year involves buying land for at least 1,000 homes (an investment of around €50 million), but we do not rule out increasing that target if opportunities present themselves”, he said (…).
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake