28 September 2016 – Inmodiario
Aguirre Newman has advised the Fogesa Group on the El Cañaveral operation, involving the sale of more than 64,000 sqm of buildable land (in Madrid). It represents one of the largest residential land transactions to be carried out in Spain in recent years.
The operation, advised by Aguirre Newman, was divided into two lots, containing five plots in total. The plots were located across two blocks, with an estimated capacity for 600/650 homes.
This operation represents a milestone in the sector and consolidates the recovery of the property development segment, which has been gathering steam for around 18 months now. Through this operation, Aguirre Newman reinforces its position as the leading advisor in land sales, following the sale at the beginning of the year of another major land portfolio: five plots in Valdebebas, owned by Parque Empresarial del Olivar, which were sold for more than €50M.
The Fogesa Group was instructed to conduct the orderly liquidation of assets that were previously owned by the cooperative Puerta de O’Donnell, which it has undertaken successfully thanks to the organisation of the 1,000 shareholders and negotiations with the creditors, who have positively valued the offers received during the sales process led by Aguirre Newman.
This is an interesting investment in an urbanisation…that is expected to be one of the main focuses of attraction in Madrid over the next few years. The area of El Cañaveral, where several developments have already been built, is well connected with the centre of Madrid via the R-3 and M-45 motorways.
Original story: Inmodiario
Translation: Carmel Drake