Aelca Invests €99M in Construction of 468 Homes in Madrid, Cataluña & Andalucía
25 April 2018 – Eje Prime
Aelca is investing almost €100 million to strengthen its portfolio as it prepares for its stock market debut in 2019. The Spanish property developer is spending €99.2 million on the construction of 468 new homes, spread across seven developments in Madrid, Cataluña and Andalucía.
Construction work on all of them already started during the first four months of this year. The land acquired by the property developer spans more than 56,000 m2 of buildable surface area, with the projects that it is going to build in the Community of Madrid standing out in particular.
Not in vain, four of the developments are located on the outskirts of the Spanish capital. In Boadilla del Monte, Residencial Nacari is going to have 96 homes; in Paracuellos del Jarama, Residencial Aquam is going to comprise 36 homes; and in El Ensanche de Vallecas, the Monet and Nueva Gavia urbanisations are going to add 60 and 56 properties, respectively, to Aelca’s portfolio.
Meanwhile, in Cataluña, the property developer is going to build Residencial Aviació, with 42 homes, close to the El Prat Airport, whilst in Andalucía, the company led by Javier Gómez and José Juan Martín Montes is building two projects in the province of Málaga. In the Costa del Sol’s capital, it is constructing the Navis Building with 67 homes and in the town of Torrox, it is working on Duna Beach containing 111 homes.
Currently, Aelca owns a portfolio of finalist land with the capacity for the construction of more than 13,000 homes, after investing €500 million over the last two years. Since its creation in 2012, the property developer has handed over more than 1,200 homes and in 2017, the company generated profits of €25 million.
Original story: Eje Prime
Translation: Carmel Drake