18 May 2018 – Expansión
The property developer group Impulsa Proyectos Inmobiliarios has purchased the last portfolio of buildable land available in Las Colinas de Rivas Vaciamadrid for €130 million. Specifically, the group has completed the purchase of four residential use plots with a buildable surface area of 55,000 m2 where it plans to build 375 detached family homes distributed over four developments.
The first development, which will contain 137 three- and four-bedroom units, is already on the market. Construction on the project, which is being financed by Banco Santander, is expected to begin imminently. The sales process has been managed by Colliers International, as the financial advisor, and Ashurst, as the legal advisor.
“Whilst Madrid is experiencing a period of paralysis due to the scarcity of residential land, the south-east of the capital is establishing itself”, he explained.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake