ZAV to Receive €15.9M from the Sale of an Intermodal Plot for 198 Homes

11 April 2019 – El Periódico 

The company Zaragoza Alta Velocidad is going to receive at least €15,972,060 from the sale of a plot of land in the future AVE neighbourhood. That is the highest price offered in the auction for the plot, known as block 6, which is located next to the Delicias intermodal station in Zaragoza.

Assuming no last minute surprises, the winner of the auction will be the company SPV Reoco 1, which is the firm behind which one of the giants of the residential property sector in Spain likes to hide, namely Aedas Homes. It will be the listed company’s first venture into Zaragoza, although it already has a presence in Madrid, Sevilla and Valencia, amongst others.

Nevertheless, according to sources close to the operation, the auction has not been closed yet, and the other two competing firms Refacleta S.L. and Innovación and Desarrollo Asistencial (de Logroño) are still in with a real chance.

The plot measures 5,821.2 m2 and has a buildability of 27,956 m2, with capacity for 198 flats. Construction on the site, the second real estate development to be built in the AVE neighbourhood, is expected to begin later this year.

Original story: El Periódico (by D. López)

Translation/Summary: Carmel Drake

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