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Losantos Buys 20,600m2 Plot In Madrid To Build 200 Homes

29 May 2017 – Expansión

The investment firm Allegra Holding, owned by the Losantos Ucha family, has completed a new acquisition in Spain. The company, which last year sold its last remaining property in London to focus on the Spanish market, has acquired a plot of land measuring 20,600 m2 in the new Pau El Cañaveral, to the east of the capital.

On this plot, Allegra and its partner, the real estate group ACR, will construct a development containing 196 social housing properties, specifically, basic price homes (VPPB). Each one of the 2- and 3-bedroom apartments will be sold with a parking space and store room, and their prices will be set in accordance with the VPPB prices established by the Community of Madrid. Despite comprising affordable housing, the development will have a swimming pool, padel courts, children’s areas and a common room for the community.

“We will work to give a modern approach to this official protection development. These homes, in addition to fulfilling their basic integrative social function, may also be built with cutting-edge, high-quality architecture: a careful design, latest generation materials and a wealth of details in the common areas and façades”, say the developers.

In this way, Allegra and ACR are backing the development of this new PAU in Madrid, where 14,000 homes are expected to be built (the first developments were released in 2016). The forecast investment in the project amounts to €28.4 million.

This is the third residential project that the Losantos family has undertaken in Spain since its return to the market, after years focusing overseas, in cities such as London and New York. For its return to Spain, the family office led by Mario Losantos chose to team up with the ACR Group to buy residential land and construct homes. In 2014, the alliance invested €19 million on the development of 96 homes in the north of the capital. A year later, it launched 42 exclusive homes in Puerta de Hierro (pictured above).

Beyond the residential sector, Allegra has invested in offices, logistics platforms and a retail store on Paseo de la Castellana. The partners are currently also considering new projects in Madrid, Barcelona, Málaga and Levante.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake