4 June 2018 – Eje Prime
Pozuelo de Alarcón has land for sale and nobody wants to miss out on the chance to acquire a slice of it. The Madrilenian town, the richest in Spain in terms of income per capita, has had a large portfolio of land up for sale for a few months now, and the family office Twin Peaks has opened the bidding in the flurry of purchases that are expected to be signed soon. The family office has acquired a plot of buildable land owned until now by Banco Santander.
The plot in question is included in the Arpo Partial Plan, the name given to the whole portfolio. Definitive approval is expected to be given for the reparcelling and urbanisation of the plots soon, which will allow investors to start building the first homes on the site. As such, the operation by Twin Peaks comes as it tries to position itself ahead of the great appetite from international funds, which are already working on buying plots on this site, according to El Confidencial.
In fact, Oaktree is already very close to sealing two operations with Iberdrola for the acquisition of plots located on the perimeter of Arpo. For Twin Peaks, the land attached to its real estate portfolio will allow it to continue growing in the luxury market in Madrid. In Barcelona, the other major Spanish city in which the firm has a presence, it acquired an asset on the central Paseo de Gracia last November for €25 million.
Pozuelo is a prime and very attractive market for property developers and funds in the residential boom that the Spanish capital is experiencing. Its high rents and ability to generate high yields are a showcase for luxury in the sector, which has seen how in just two and a half years, land prices in this municipality have risen by 20%, boosted by demand and, above all, by the shortage of buildable land available for development in Madrid.
Property developers such as Metrovacesa, which owns land spanning 46,000 m2 in Pozuelo alone worth €25 million, Vía Célere and iKasa already have important projects in place in this prime area of the Spanish residential market.
Original story: Eje Prime
Translation: Carmel Drake