1 July 2018 – Expansión
The real estate company controlled by Carlos Slim has resumed its property development business with the launch of five new promotions, comprising 594 homes that, when they are handed over, will generate revenues of €208 million.
Realia is planning to continue to launch new developments on the portfolio of land that it owns, but it is also investing in new plots, such as the one it purchased recently from the Ministry of Defence in Alcalá de Henares (Madrid) for €27.5 million.
This is the first acquisition of land that the company made since the Mexcian magnate took control, which saw it join the wave of investments that companies in this area are undertaking in the land segment in light of the reactivation of the sector.
Nevertheless, after Realia stopped building homes at the beginning of the crisis, it now has a land portfolio spanning 1.85 million m2. The company says that it now has some of these plots under development in Madrid, Cataluña and Levante, areas that currently account for the greatest demand in terms of housing.
The real estate company includes the launch of new developments as a key strategy in the new phase that it is undertaking following the clean-up carried out since Slim acquired his share capital
This week, at its General Shareholders’ Meeting, Realia said that it is “ready” for the new real estate cycle, following the reduction and restructuring of its debt and the cutback in expenses, measures that it considers “are already reflected in the income statement”.
Original story: Expansión
Translation: Carmel Drake