Transaction / Assets15,000 m2 plot of land in Valladolid Seller BuyerVillar Mir & ACR Group € MM
Villar Mir Teams Up With ACR To Build Homes Through Its RE Firm Espacio
14 September 2017 – Expansión
Inmobiliaria Espacio, the holding subsidiary of Villar Mir, and the ACR Group have announced the joint purchase of a plot of land measuring 15,000 m2 (buildable surface area), where they plan to construct 160 homes.
The operation, whose consideration has not been revealed, forms part of a joint venture that the two companies have closed to construct homes in different parts of Spain.
In fact, the plot of land in Valladolid is the second purchase made by this joint company, which acquired another plot of land a few months ago in Madrid, specifically in Avenida Daroca, for the development of 32 homes.
“This new acquisition demonstrates the success of the collaboration between both companies and reinforces our idea of continuing to promote homes in those areas where we observe increasingly more demand and where both companies have an outstanding track record”, explains David Botín, Director of Real Estate Development at the ACR Group.
Sources at the company have said that they will continue to look for investment opportunities together with Villar Mir’s subsidiary. Moreover, ACR also has another alliance, with Allegra, the real estate arm of the Losantos family.
At the beginning of the year, Espacio announced its return to residential development, after several years away following the burst of the bubble. At the time, it announced that it planned to construct 241 homes along the coast (specifically, in Málaga, Alicante and Mallorca), whilst it looked for opportunities to buy land in Madrid. Espacio owns approximately 325,000 m2 of land in the urban development of Valdebebas, in the north of the capital.
Moreover, the real estate division of Villar Mir is the co-owner of Torre Caleido, the fifth skyscraper that is being constructed in the ‘Business Area de la Castellana’ complex in Madrid. It also owns a stake in the luxury Canalejas complex, which will soon be home to the first Four Seasons hotel in Spain.
According to the latest results corresponding to the year 2015, Villar Mir’s subsidiary recorded turnover of €114 million in 2015, up by 52% compared to the previous year.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake