16 May 2019 – Eje Prime
Kronos has engaged Deloitte to sell a batch of land worth between €200 million and €300 million ahead of the change in the economic cycle. In parallel, the property developer is also bidding for several other plots.
Kronos is keen to divest the land that does not fit with its business plan. It may sell the latest batch to a single buyer or split the portfolio into several lots.
Its divestment in Spain contrasts with its commitment to Portugal, where it has just acquired a plot of land in Lisbon for €100 million on which to build 240 homes. In total, the firm plans to spend €300 million buying up land over the next few years.
Since 2015, Kronos has invested €700 million in land with the capacity to build 12,000 homes.
Original story: Eje Prime
Translation/Summary: Carmel Drake