31 January 2018 – Eje Prime
Insur is committed to the world of work. The Andalucían group is going to invest €70 million in the south of Madrid to build an office complex that will have a total surface area of 30,000 m2. The project will involve the construction of two buildings alongside Madrid Río.
The company chaired by Ricardo Pumar plans to inaugurate the complex at the end of 2019. The Madrid Río area, where the offices are going to be built, is one of the most sought-after by the real estate sector at the moment. This is evidenced by the Operación Calderón, which will constitute one of the most important real estate operations in recent times in Madrid when it is completed in June.
Insur’s development in the Spanish capital is going to be undertaken through an alliance with two financial partners, in which the group holds a 50% stake. This investment in prime offices will also strengthen the company’s real estate arm, which is looking to diversify both by geography and by segment.
Indeed, this week, the property developer announced the segregation of its property development and real estate businesses. In this sense, Insur has opened a new line of business with its inclusion in the hotel sector, where it already owns three buildings under development, including one establishment in Zahara de los Atunes (Cádiz), which will have 500 rooms. The other two properties will be located in Córdoba and Sevilla and will be operated by Hotusa.
Moreover, the real estate company is looking for opportunities to build out-of-town retail spaces in Spain to expand its real estate portfolio, which is currently worth €294 million.
The objective of Grupo Insur for 2018 is to strengthen its real estate arm, without forgetting about the residential sector. In fact, in that segment, it is going to invest between €75 million and €80 million until 2020 buying up developable land. Currently, the property developer has 2,039 homes under construction and owns a land portfolio with the capacity to build another 2,652 more residential properties.
Original story: Eje Prime
Translation: Carmel Drake