24 August 2018 – Eje Prime
Manuel Jove has returned to the Spanish real estate sector. The Spanish businessman, once the owner of the ill-fated real estate giant Fadesa, is determined to generate a profit from the land worth €540 million that he owns through his holding company Inveravante.
The executive from A Coruña, one of the 15 wealthiest people in Spain, is starting to move away from his businesses relating to renewable energy to return to the fold of real estate development, according to reports in El País.
Jove has worked in this vein for the last five years and in 2017, he managed to sell the vast majority of the 264 homes that he brought onto the market. So far in 2018, the businessman has already started work on new urbanisations in Madrid, Andalucía, the Canary Islands and his native Galicia. Jove still has a lot of work to do, thanks to the plots of land that he owns all over the country.
In addition to the residential market, the executive has a considerable presence in the hotel sector. His chain, Attica 21, improved its turnover last year, whilst the residential complex that Jove owns in Tánger (Morocco) comprising 800 homes has recently incorporated the operation of a five star Hilton hotel. As a result, the real estate arm of Inveravante is growing at a rate of 35% and now accounts for 34% of sales.
In 2017, boosted by the wind farms, which accounted for 57% of turnover, as well as a small wine and food products division, Inveravante recorded revenues of €184 million, up by 22% compared to the previous year.
Original story: Eje Prime
Translation: Carmel Drake