Núñez i Navarro Invests €45M To Build 166 New Homes
3 May 2017 – Expansión
Núñez I Navarro (NiN) has started its largest real estate development since before the crisis. The development in question is known as the Nou Can Gambús urbanisation, close to Sabadell (Barcelona), and its first phase has a surface area of 23,336 m2. The company is planning to construct 66 family homes and four residential blocks containing 100 flats in total.
During this first phase, the company will spend €45 million, excluding the price of the plots of land. The company, which is owned by the family of FC Barcelona’s former president, Josep Lluís Núñez, acquired the estate years ago in a deal completed in equal part with Anova. During the recession, the property developer took ownership of 100% of the site.
Several months ago, NiN completed the construction of the first row of homes, comprising eight houses, and it has already agreed their sale or rental. Now, NiN has started to build the second row of houses, comprising 16 units in total. The deadline for their completion is the second quarter 2018. The property developer expects to begin construction of the first two residential blocks around that date.
Low level of debt
NiN is one of the largest Catalan property developers and also one of the entities that is best avoiding the economic crisis thanks to its very restrictive indebtedness policy, with debt amounting to zero in the case of some of its developments. The property developer has strengthened its refurbishment business, although it has not stopped building at any time.
The main business of the family company is the real estate sector, comprising homes, commercial premises, warehouses and offices. Its area of influence is Barcelona, although its presence extends across the whole of Cataluña. It also has some parking and hotel businesses.
The market for new homes in the autonomous region is recovering, although more slowly than the sector had expected. The Association of Property Developers of Cataluña (APCE) states that last year construction of 8,313 homes was started. That figure represents a 34% increase compared to 2015 but is 18% lower than the 10,000 new homes that were planned.
Original story: Expansión (Gabriel Trindade)
Translation: Carmel Drake