• Transaction / Assets
    Former Tabacalera site, Tarragona
  • Seller
  • Buyer
    Pachirisu SL (Kronos Group)
  • € MM

Kronos Group Buys Former Tacacalera Plot In Tarragona

31 October 2017 – Diari de Tarragona

Construction cranes can be seen on the horizon in the city of Tarragona once again. And the empty plots of land that no one has paid attention to for years are now sparking interest in the real estate sector, which is starting to recover after a long time dormant, eager to restore itself. And if there is one area where this dynamism is almost tangible, it is the surroundings of the former Tabacalera tobacco factory. In recent months, several new real estate developments have been launched and players are busy making moves to ensure that they don’t miss out on the latest opportunities.

One of the most significant operations in recent times has been the purchase, by a European real estate fund, of the Tabacalera parking lot. This area, which will no longer be used as a park and ride site, from 21 November onwards, is getting ready for the beginnings of a new real estate development.

According to sources in the know, the operation was closed at the beginning of October, when Pachirisu SL purchased land from Altadis. That has been confirmed by the tobacco company itself, which said that, following the sale, “we have now sold everything we owned in Tarragona”.

The buyer company forms part of the Kronos group, which specialises in real estate development, and which started its activity in Spain in 2014, with the aim of competing with the major property developers and funds that are busy building homes across the country. A few months ago, the group’s management made a public appearance to announce that they plan to put 4,500 new homes on the market over the next three years; the development of Tabacalera will likely form part of the projects that the group is going to develop to that end. Cataluña, together with Madrid, the Costa del Sol and Alicante, are the regions where the company is investing.

The details of the project that the real estate group is going to promote in the city have not been revealed yet. “For the time being, everything is up in the air”, said the Kronos group, when asked about their plans (…).

Original story: Diari de Tarragona (by NAºria Riu)

Translation: Carmel Drake