La Llave de Oro Buys Land in Ibiza to Build 65 Homes

8 May 2018 – Eje Prime

La Llave de Oro is on a roll in the office and residential sectors in Spain. After purchasing a plot of land on which to build offices in the 22@ district of Barcelona from Metrovacesa last June for around €20 million, the group is continuing to explore new destinations into which to expand its business. The latest has been the purchase of a plot of land in Santa Eulària des Riu, in Ibiza, on which it will build 65 homes, according to Ferrán Marsá, CEO of the group, speaking to Eje Prime.

According to Marsá, the project in Ibiza is currently being reviewed, although the plans are for the building work to begin imminently. In addition to homes, common areas, car parks and swimming pools will also be built on the plot.

Moreover, this is not the group’s only project on the Balearic Islands. In Palma de Mallorca, the company is immersed in the construction and subsequent sale of a development comprising 16 homes and parking spaces at number 16 Calle Alber, in the Es Rafal Vell area. La Llave de Oro also has a sales office in Palma de Mallorca.

Nevertheless, the group’s main business is focused in Cataluña. La Llave de Oro is currently building fifteen homes at number 286 Calle Pallars, in Barcelona, as well as another 30 homes (plus two commercial premises and a car park) in Nou Rubí, in Rubí.

La Llave de Oro is also working on a 95-home development in Plaça Europa, in l’Hospitalet de Llobregat. There, the company is also going to build a commercial premise, two social rooms and 106 parking spaces. It will be one of the developments that incorporates the greatest number of new features in terms of customisation and energy ratings.

To reach the 450 homes that La Llave de Oro plans to hand over in the coming years, the company has also started work on the construction of almost 60 homes at number 179  Passeig Taulat, in Barcelona, as well as on 90 homes in Sant Cugat del Vallés, which correspond to the second phase of the Volpellers development.

Diversification strategy 

Although La Llave de Oro is going to continue to focus on the development and construction of primary residence homes in Barcelona and the first metropolitan ring, the company is also going to keep looking for opportunities to diversify its revenues. One of the businesses that the group is firmly backing is the hotel sector, as well as the office segment.

The company opened a hotel on Avenida Drassanes in the Catalan capital in 2012, the Andante Hotel, with 134 rooms and which it manages directly. This model involving the development and subsequent management of a hotel, whose results have proved very satisfactory, is what the firm wants to replicate in at least two or three more establishments.

In terms of the office sector, La Llave de Oro used to own a portfolio of almost twenty rental properties, prior to the crisis, which it sold to Goldman Sachs two years ago to raise funds for its property development and construction business, in a deal worth €90 million.

Now, La Llave de Oro is expressing interest in returning to that business segment through the construction and rental of several office buildings in Barcelona. Its purchase last year of a 3,300 m2 plot in the 22@ district of the Catalan capital for €22 million forms part of that strategy. The group plans to build 17,400 m2 of office space on that plot, which used to be owned by Metrovacesa (…).

La Llave de Oro group recorded turnover of €125 million in 2017, compared with €140 million in the previous year. Its workforce comprises 200 professionals (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

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