8 November 2016 – La Opinión A Coruña
Inveravante, the corporation owned by the A Coruñan businessman Manuel Jove, has joined forces with Anida, the real estate arm of BBVA, to create a new firm, Avantespacia Inmobiliaria, which will focus on building new homes in Spain, according to a statement made today by the two companies.
During the initial phase, the partnership will build 850 new homes in the centre of several cities such as Madrid, Málaga and Las Palmas de Gran Canaria and, in a second phase, it will take on other new developments, also in large capital cities.
With this initiative, the Galician businessman makes a return to the residential property development business in Spain, given that it is the first project that he has undertaken in the sector in the last decade, following the sale of Fadesa to Martinsa in 2006. Nevertheless, during the intervening years, through Avantespacia, the real estate division of Inveravante, Jove has developed housing complexes in cities in the north of Africa, specifically in Casablanca and Tanger, and is considering embarking on projects in Mexico and Brazil.
Now, “given the strong outlook for the real estate sector in Spain”, Jove’s firm and the subsidiary of BBVA have decided to unite some parts of their respective buildable land portfolios in a return to house construction.
Inveravante will control 70% of the partnership, called Avantespacia Inmobiliaria, whilst Anida will own the remaining 30% stake.
The two partners have already launched their first project in Malaga, involving the development of 135 homes, which will be constructed on a plot of land formerly owned by Tabacalera, in one of the areas “with most potential” in the city, next to the new Paseo Marítimo.
The next initiatives, which have already been put on the market, will be undertaken in Madrid, on Calle Francisco Silvela and in the neighbourhood of Las Rosas.
Avantespacia will be in charge of the architecture and construction aspects of the properties, as well as the marketing, although the homes will be included on BBVA’s specific websites. Manuel Jove used to be a shareholder of Spain’s second largest bank.
Original story: La Opinión A Coruña
Translation: Carmel Drake