1 August 2018 – El Mundo
The real estate firm Montebalito has joined forces with the property developer Altosa to undertake a residential project in Madrid whose investment is estimated to amount to €8.8 million. The project comprises 40 homes in total spread over a plot with a constructed surface area of more than 3,000 m2.
The purchase price of the land amounted to €4 million, which has been shared equally between the two companies, according to a statement filed by the real estate company with Spain’s National Securities and Markets Commission (CNMV).
Specifically, €2 million was paid at the time the purchase was signed and the remaining €2 million will be handed over in a maximum period of one year. Montebalito, which has acquired the plot using its own funds, expects to start work on the preparation of the site in October. The construction work is expected to take 18 months once the respective building permits have been obtained.
Original story: El Mundo
Translation: Carmel Drake