18 April 2019 – El Confidencial
Wealthy Andalucían families are teaming up with the real estate group Insur to work on projects in the housing, office and commercial sectors. That is according to various sources in the property sector speaking to El Confidencial. The company itself has declined to comment.
Having previously joined forces with the Moya Yoldi (Persán) and Cosentino families, the company is now looking to expand beyond Andalucía in partnership with other family offices. Possible candidates include the Domínguez de la Maza family, owner of Mayoral and the Guillén family (owner of Acesur-Coosur), with which it has already invested in Sevilla.
Insur is keen to diversify its geographical market (75% of its assets are currently located in Andalucía) and Madrid is an obvious option, thanks to the liquidity of the market. The firm is already building 250 homes there in the towns of Valdemoro, Boadilla and Villaviciosa.
The aim of the company chaired by Ricardo Pumar is to generate stable annual revenues of €20 million from rental income, up from the €12 million recorded last year.
Original story: El Confidencial (by Carlos Pizá)
Translation/Summary: Carmel Drake