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Realia to Invest €16M in the Construction of 85 Flats in Tres Cantos (Madrid)

9 May 2019 – Idealista

The property developer Realia has announced that it is launching a new line of business dedicated to the rental of residential homes. In this way, it is following in the footsteps of its rivals in the sector, such as Grupo Lar, amongst others.

The group led by the Mexican magnate Carlos Slim has purchased a plot in Tres Cantos (Madrid), where it is going to invest €16 million in the construction of 85 homes.

As at the end of March 2019, the company had a stock of 546 units (homes, premises and offices) that were either finished or in progress and pending delivery. In the residential sector, it had three developments underway (in Palma de Mallorca, Sabadell and Alcalá de Henares) plus a construction licence to start work on 45 units in Valdebebas (Madrid).

Realia’s land portfolio spans more than 5.7 million m2 and the company registered a net profit of €5.02 million during Q1 2019, up by 18.1% YoY.

Original story: Idealista 

Translation/Summary: Carmel Drake