Tag: Aedas Homes

Locare Buys a Rental Home Development from Vía Célere

15 May 2019 – El Economista

In just one year, Locare Real Estate has become one of the main drivers of affordable rental housing in Spain, with a portfolio of more than 700 homes at different stages of completion. To this end, the firm has just signed an agreement with the property developer Vía Célere to acquire one of its developments in the Madrilenian town of Valdemoro.

Locare is already working on another development in the same town and together the two estates will contain 180 homes and will involve an investment of €23 million. The homes will be adapted to Locare’s style, which means that they will be suitable for rental.

This operation represents the first step by the property developer led by Juan Antonio Gómez-Pintado into the rental market and sees the firm follow in the footsteps of Aedas Homes and Metrovacesa.

In its first year of life, Locare has already disbursed €90 million of the €120 million in funding that it raised and has launched five other developments in Móstoles, Torrelodones, Collado Villalba and Alcalá de Henares, containing almost 1,000 units in total. The firm is already working on the launch of a second fund to continue its work in this field.

Original story: El Economista (by Alba Brualla)

Translation/Summary: Carmel Drake

Aedas Homes Recorded Losses of €3.4M in Q1 2019

30 April 2019 – Eje Prime

Aedas Homes recorded losses of €3.4 million during Q1 2019, up by 47.8% compared to the same period last year (-€2.3 million). Nevertheless, the property developer’s results were in line with the business plan and revenues grew by 55% YoY during the same period to reach €14 million.

This year, the property developer controlled by the investment fund Castlelake plans to launch the construction of 2,580 homes and hand over 1,055 units. The firm has already sold 83% of the homes that it expects to hand over in 2019 and 55% of those forecast for delivery in 2020 (1,986).

Original story: Eje Prime 

Translation: Carmel Drake

Aedas Revolutionises the Property Development Sector by Building 500 Turnkey Homes for Ares

12 April 2019 – El Confidencial

Aedas Homes has decided to launch a new line of business by building complete housing developments for other companies. In this way, the listed property developer hopes to generate value from its production over-capacity; it anticipates recording revenues of around €70 million from the initiative.

In this vein, the company led by David Martínez has reached an agreement with the fund Ares to build 500 homes in its name in three different locations: Torrejón de Ardoz, Alcalá de Henares and El Cañaveral (all in Madrid).

This is the largest turnkey project in the sector since the outbreak of the real estate crisis, a decade ago and as such, represents a real milestone.

The three largest listed property developers in Spain, Neinor, Aedas and Metrovacesa, are all living by the famous mantra “reinvent yourself or die”. As such, they are expanding their operations as they seek to actually generate the high turnover figures that they promised when they made their stock market debuts.

With this latest announcement, Aedas is sending a clear message to its competitors. It has over-capacity in its production model, which means that it can handle turnkey projects on a large scale, as well as deliver the roadmap that it is already committed to.

With the additional 500 homes from this project, Aedas Homes could end the year with more than 3,000 units launched, compared with the 2,580 initially planned for the year.

Meanwhile, Ares Capital is immersed in its commitment to the Spanish real estate market, with a particular focus on the residential segment, with homes both for sale and for rent.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Blackstone Enters the Bidding for Solvia Desarrollos Inmobiliarios

26 March 2019 – Ok Diario

Banco Sabadell is on a mission to divest the land from its property development arm Solvia, worth more than €1 billion. The firm, Solvia Desarrollos Inmobiliarios (SDin), is sparking a great deal of interest in the market, not least from the US investment bank Blackstone.

That firm faces stiff competition from the property developers Aedas and Merlin Properties, as well as 10 other interested parties, who have been whittled down from an original list of almost 30 candidates.

Given the huge interest in Solvia Desarrollos, Sabadell has extended the original deadline by one month to the end of May, at which point it will choose the buyer.

Besides the firms already mentioned, funds such as Cerberus, De Shaw, Värde, Apollo and Oaktree are also reportedly participating in the bid.

Most of the land owned by Solvia Desarrollos Inmobiliarios is located in Madrid, Barcelona and several places along the Mediterranean Coast.

Original story: Ok Diario (by Borja Jiménez)

Translation/Summary: Carmel Drake

Property Developers are Building 18,000+ Homes in Andalucía

18 March 2019 – ABC Sevilla

The real estate market in Andalucía is booming, and in a good way. According to the latest figures from the Ministry of Development, 12,363 permits were granted in 2017 for the construction of new homes, compared with the record before the burst of the bubble of 156,483 in 2006. Construction activity is responding to real demand in the market and is featuring some new players that are planning to build thousands of new homes in the region over the next three years.

Two markets

The investors, which include international funds and local property developers alike, differentiate between two markets – the eastern (Málaga) and the western (Sevilla) – the former accounts for 70% of new developments.

Aedas Homes currently leads the regional ranking by number of homes planned and investments forecast in the autonomous region. The property developer controlled by the US fund Castlelake plans to invest almost €1.3 billion in the region in the construction of 5,150 homes, primarily in the provinces of Málaga (2,600 homes) and Sevilla (1,800).

It is followed by Neinor Homes, which owns a portfolio of 29 plots for the construction of 3,628 homes; Metrovacesa, which has 2,300 homes in its Andalucían portfolio at various stages of completion; and Vía Célere, controlled by another US fund Värde, which is building 1,975 homes across 21 developments.

Meanwhile, ASG Homes has buildable land in Andalucía for the construction of 1,700 homes; Habitat Inmobiliaria, owned by the US investment fund Bain Capital, is working on the construction of 15 developments containing 1,621 homes; and the Sevillan property developer Insur is working on 17 residential developments comprising 1,136 homes at various stages of completion.

Finally, Q21 Real Estate, the property developer created from the alliance of the US fund Baupost and the owners of the former Pinar group, is also constructing almost 500 homes in the region, bringing the total number of homes under construction to more than 18,000.

Original story: ABC Sevilla (by Encarna Freire)

Translation: Carmel Drake

Aedas Homes Evaluates the Purchase of ‘Solvia Desarrollos Inmobiliarios’

28 February 2019 – Idealista

Aedas Homes is evaluating the possible purchase of Sabadell’s property developer, Solvia Desarrollos Inmobiliarios (SDIN). The listed real estate firm, controlled by the US fund Castlelake, is interested in acquiring the property developer and its land from Banco Sabadell for more than €1 billion.

Other large funds and property developers have also expressed their interest, including Cerberus, Oaktree and Bain Capital (through its property developer Habitat), but Aedas is deciding whether to bid just for the land or for the company as well. Last week, Neinor announced that it was withdrawing from the process.

Last year, Aedas handed over 231 new homes and purchased land for the construction of another 2,600 units. This year, it plans to purchase land for the construction of at least 1,000 homes and expects to hand over 1,055. By 2022, the property developer intends to reach its cruising speed in terms of the handover of new homes.

Original story: Idealista 

Summary/Translation: Carmel Drake

Aedas Negotiates the Construction of 500 Rental Homes in Madrid

1 March 2019 – Expansión

Aedas wants to benefit from the investor appetite for residential rental assets as an alternative source of income and cash generation. The property developer is negotiating the construction and delivery of four turnkey developments comprising 500 homes for an institutional investor.

The homes, which are going to be constructed in Madrid and two adjoining municipalities will be dedicated to rental housing. “We are assessing the possibility of doing the same in Barcelona, Sevilla and Alicante”, explained David Martínez, CEO of Aedas Homes (pictured above), speaking to Expansión (…).

In 2018, the company invested €112 million in land on which to build 2,600 homes; and it also has options to purchase more land for an additional 400 units.

“The plan for this year involves buying land for at least 1,000 homes (an investment of around €50 million), but we do not rule out increasing that target if opportunities present themselves”, he said (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Aedas Homes Unveils 100-Home Development in Aljarafe (Sevilla)

27 February 2019 – Eje Prime

Aedas Homes has taken another step in its expansion in Aljarafe (Sevilla). The real estate developer has just launched its Tovar development, a housing project aimed at people looking to reposition on the housing market and young people looking to rent. The development will comprise one hundred homes in total, which will be constructed in two blocks of 28 homes and 72 homes, respectively. The project has already been granted its building permit and the first homes will be available at the end of 2020.

This development is the company’s seventh in Sevilla and its second in Aljarafe. The homes are priced from €151,437 and have a shared common room, outdoor swimming pool, padel court, games room for children and green spaces.

The project comprises two, three and four-bedroom homes, including penthouses with terraces and surface areas of up to 70 m2 and ground floors with gardens measuring up to 170 m2 (…).

Original story: Eje Prime 

Translation: Carmel Drake

Aedas Purchases Land in Granada for 750 Homes

1 February 2019 – Eje Prime

Aedas Homes is expanding its portfolio. The property developer, which specialises in the new build residential market, is strengthening its presence in Granada capital with the acquisition of land for the construction of more than 750 homes in total. The company is thereby adding new assets to its land bank in the city, where it made its debut at the beginning of 2018.

The property developer is going to undertake residential projects in two sectors located in the north and west of Granada. Sergio Gálvez (pictured above), Director of Strategy and Investment at Aedas Homes, highlights that the company has closed these operations after years analysing the evolution of the residential market in Granada.

The new plots of land acquired by Aedas Homes are located in the Ferrocarril Oeste sector. Besides these plots, the company owns land in the Borde Norte N3 sector, an area located on the northern face of the urban nucleus of Granada.

The CEO of Aedas Homes is David Martínez. The company owns a portfolio of land spanning more than 1.5 million m2 for the construction of more than 14,500 homes in key areas of the country, both from an economic and real estate perspective: Madrid and the Central area, Cataluña, Levante and the Balearic Islands, Andalucía and the Costa del Sol.

Original story: Eje Prime

Translation: Carmel Drake

Aedas Homes Buys Land in Granada on which to Build 600 Homes

6 December 2018 – Eje Prime

Aedas is expanding its presence in Andalucía. The listed Spanish property developer has purchased land in Granada, on which it is going to build 600 homes over the coming years. The plots are located in two expansion areas of the Nasrid capital, according to a statement issued by the company.

The property developer is going to start work on the construction of the first homes during the first quarter of 2019, within the West Railway area, an urban development where construction has been suspended for more than a decade. Now, the Town Hall has unblocked the land and the company is working on its urbanisation.

The other plot of land acquired by Aedas in Granada is located in the so-called North Rim N3, an area to the north of the urban nucleus of the capital, where the property developer has the objective of starting the urbanisation project next summer.

Recently, the company began the sale of its sixth development in Sevilla and Málaga capital, where it made its debut with 87 new homes in the Teatinos neighbourhood, one of the trendy areas of the Málagan region.

Aedas owns a portfolio of finalist land spanning more than 1.5 million m2 for the construction of more than 14,500 homes across the country, in the Central region as well as in Cataluña, Levante, the Balearic Islands and Andalucía.

Original story: Eje Prime

Translation: Carmel Drake