2 July 2015 – El Mundo
The company InmoGlacier and the investment fund Aquila Capital (under the joint venture Plainfield Spain S.L. created for this purpose) will lead the major VPO (social housing) transaction in Villaverde. The State Public Business Land Company (la ‘Sociedad Estatal Pública Empresarial del Suelo’ or Sepes), which reports into the Ministry of Development, has awarded the large package of land – nine plots with space for around 1,200 VPO homes – to these two firms, after Sepes put out to tender the area in the former Central Park of the Engineers for development (…).
In the end, the land has been awarded in exchange for a cash payment of €44.93 million (excluding tax), i.e. €600,00 above the tender starting price, which was set at €44.31 million. This major operation demonstrates the renewed interest in residential development in the south of the capital.
The nine plots sold by Sepes occupy a total area of 52,500 m2 of land and 120,425 m2 of buildable space for the construction of more then 800 VPO homes for sale and a further 400 VPO homes for rent “with the same characteristics and build level as those for sale”.
The heads of InmoGlacier and Aquila, who have released information about the project, describe it as “the most ambitious project in Madrid, due to its size; and the most innovative and social, due to its concept”. “The numbers and magnitude of this investment are unmatched by any other urban development in Madrid”, says the sources.
According to InmoGlacier and Aquila Capital, the future housing developments will be completed in nine blocks – three for rent – and will have swimming pools, gyms, sports areas, padel courts and extensive green and recreational areas, as well as shops and a range of equipment and services, including a nursery and supermarkets, which will trade with different operators. (…).
The project will involve investment of almost €200 million, for the construction of buildings with garages and storage rooms, as well as the design of the common areas, sports facilities and shops.
InmoGlacier and Aquila plan to begin construction work at the beginning of 2016 and to complete it in the spring of 2017. In October of this year, they expect to open an information point occupying a space of more than 300 m2 on the site itself, where people will be able to find out more information about the housing project and its facilities. “This project will be an example for the sector”, say its developers.
Original story: El Mundo (by Jorge Salido Cobo)
Translation: Carmel Drake