3 May 2018 – Eje Prime
Grupo Vértice is leaving Barcelona to focus on Valencia. The property developer is going to centre its investments on the Mediterranean capital under the control of its new majority shareholder, Daniel Cruz. The businessman, which controls 60% of the company, was appointed as the CEO at the end of last year.
The company’s efforts will involve becoming a key player in the Community of Valencia, where it is going to invest €15 million over the next few months. Another important member of the real estate company’s shareholding, its Director-General to date, Antonio Sesé, is going to continue in the company with a minority stake, according to Valencia Plaza.
The reasons why Vértice is going to focus on Valencia include the potential of the residential sector in that city, where may of the entrepreneurs who led the market before the crisis are returning, as well as the socio-political instability that Barcelona is currently experiencing, according to Sesé.
Specialising in the purchase and renovation of residential buildings in poor conditions, Grupo Vértice has already sealed two new investments in Valencia, in the neighbourhoods of El Cabanyal and La Zaidía. The first, involving the renovation of a property containing nine homes and a commercial premise, will involve an outlay of €1.7 million for the real estate company.
Meanwhile, the promotion in La Zaidía, with 27 homes and three commercial premises, will involve an investment of €3.5 million. The company is going to completely renovate the apartment block, in which tenants live under an old rent system. Moreover, Grupo Vértice is currently negotiating three new purchases in Valencia, its new centre of focus.
Original story: Eje Prime
Translation: Carmel Drake