7 June 2018 – Eje Prime
Metrovacesa is looking south in its growth plan for the next few years. The listed property developer has unblocked, together with the Town Hall of Sevilla, what is going be its largest project outside of Madrid and Barcelona and what constitutes the largest development currently being planned in the Andalucían capital.
The project is going to bear the name of the Sevillan neighbourhood in which it is located, Palmas Altas Sur, and will consist of a 2,870-home development, of which 2,000 units will be built by Metrovacesa. The remainder will be social housing properties and their construction will be entrusted to the Town Hall, according to El Confidencial.
For the property developer, this land is the most significant plot that it has undeveloped at the moment in its Andalucían portfolio – that region accounts for 25% of the company’s total land bank. The first 600 homes in Palmas Altas Sur will start to be handed over from 2021. Moreover, Metrovacesa will also build 400 VPO homes as part of its construction plan for the area, which will last for five years.
In terms of investment, in the access routes and urbanisation of the land, Metrovacesa is going to invest €60 million, which will come from the corporate loan the firm signed with seven financial institutions at the end of 2017. For the construction of the residential buildings, Pérez de Leza has announced that they will be financed through property developer loans for each phase.
Original story: Eje Prime
Translation: Carmel Drake