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

Insur to Build 136 More Homes on the Outskirts of Madrid

4 April 2019 – El Confidencial

The Sevillan based property developer Inmobiliaria del Sur (Insur) has reported that it is now working on the construction of 250 homes in the Community of Madrid.

In addition to the projects already announced in Boadilla del Monte and Valdemoro, the company chaired by Ricardo Pumar is now going to start work on a new development in Villaviciosa de Odón.

There, it is going to build two groups of 68 single-family homes, which will form part of a larger development known as Monte de la Villa, which will eventually contain 2,500 homes in total.

Original story: El Confidencial (by Carlos Pizá)

Translation/Summary: Carmel Drake

Dei Homes to Invest €100M to Build 200+ New Homes in Estepona

26 March 2019 – Eje Prime

Dei Homes is going to invest €100 million to build more than 200 luxury homes in Estepona (Málaga) in 2021. The company, created just two years ago, is already working on three high-end projects elsewhere in the town, comprising 48, 52 and 109 homes, respectively, at various stages of completion.

In addition, Estesur, the parent company of Dei Homes, is preparing finalist land for the construction of between 600 and 700 new homes over the next five years.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

INBISA Delivered 378 Homes in 2018 and Now has 1,500 Homes Under Construction

12 February 2019 – Press Release

INBISA Inmobiliaria closed 2018 with 378 homes delivered in privileged locations and the purchase of nine buildable plots of land. At the same time, it started 2019 with 1,500 homes under construction and it remains firm in its commitment to search for new opportunities and to its objective of developing new projects in accordance with the current market.

Thanks to the experience harvested since its creation in 1995 and its capacity to adapt to the needs of the market and its clients, in 2018, INBISA Inmobiliaria successfully achieved the objectives established at the start of the year and took another step forward in the fulfilment of its Strategic Plan 2017-2020.

In this context, last year, the company delivered three residential developments containing 379 homes in total (70% more than in 2017), located in the Madrilenian neighbourhood of Sanchinarro, Sant Cugat del Vallès (Barcelona) and the Vizcaya town of Etxebarri (…).

In terms of the new plots of land, during 2018, INBISA Inmobiliaria acquired nine plots on which to construct 600 new homes. The portfolio is distributed between Madrid, Barcelona, Málaga and Palma de Mallorca, priority enclaves for the company within its strategy to back locations with high and sustained demand in the real estate market. In the case of the Community of Madrid, INBISA Inmobiliaria backed the northwest of the capital, primarily the neighbourhoods of Valdebebas and Sanchinarro.

In Cataluña, the company continued its expansion across the metropolitan area of Barcelona, specifically, in Ripollet, Teià y Viladecans, whilst in the Balearic Islands, it acquired a plot in Palma de Mallorca. Finally, in light of the booming interest from primarily international clients in the Malagan coast, INBISA Inmobiliaria opted to purchase two plots in Mijas and Estepona (…).

All of this has allowed the company to start 2019 as one of the leading property developers in Spain, with 1,500 homes under construction distributed across different enclaves of the country and with a clear commitment to searching for new developments in residential and logistics areas this year (…).

Moreover, as part of its strategic plan for this year, the company is also planning to develop some new logistics projects in light of the great interest in the sector from domestic and international investment funds (…).

Original story: Press Release

Translation: Carmel Drake

Taylor Wimpey to Invest €70M in 8 Developments in 2019

22 January 2019 – Eje Prime

Taylor Wimpey is setting out its roadmap for 2019. The Spanish subsidiary of the British real estate group is going to launch eight developments with an initial investment of €71 million during the course of this year, according to comments made by Javier Ballester, the CEO of the company, speak to Eje Prime.

The company is planning to build between 350 and 400 homes in several parts of the country. Specifically, Taylor Wimpey has opted for areas where it already has a presence, namely: the Costa del Sol, Alicante, Mallorca and Ibiza. Moreover, according to the executive, “it is possible that, if we obtain the building permits in 2019, the group will launch three more developments, one in Marbella and two more in Mallorca”.

Taylor Wimpey is whereby reaffirming its commitment to the Spanish second home market, where it has been operating for more than seventy years. In fact, the company is currently one of the main property developers in the country that is building assets on beach fronts and overlooking golf courses,

In 2018, the company handed over 342 homes, 14% more than in 2017. It is currently marketing four developments in Alicante, in the municipalities of Torrevieja, Villajoyosa and Elche (…).

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

Vía Célere Completes its Merger with Aelca to Create a Giant Firm with Land for 25,000 Homes

16 January 2019 – El Confidencial

Vía Célere has completed the integration of the real estate assets (land and property developments) of Aelca, to become one of the largest property developers in Spain with a gross asset volume (GAV) of €2.2 billion and a land bank for the construction of 25,000 homes. From today, the company has the capacity to deliver an estimated 2,000 homes in 2019 and 5,000 homes in 2021.

To put that into context, Metrovacesa owns land for the construction of 38,000 homes, has a GAV of €2.6 billion, and so it is still the largest property developer in Spain. Meanwhile, Aedas has land for 14,521 homes and a GAV of €1.6 billion, whilst Neinor, with a GAV of €1.7 billion, has land for another 13,500 units.

Following the operation, Värde is now the owner of 75% of the shares in Vía Célere, whilst the other minority shareholders (Marathon, Attestor, BAML, Barclays, DB and JPM) own the remaining 25% stake. The company is also strengthening the diversification of its asset portfolio with 38% in Madrid, 20% in Málaga, 11% in Barcelona, 9% in Sevilla, 5% in Valencia and 17% in other provinces across the rest of Spain.

The purchase of Aelca by Vía Célere was made with one clear objective in mind: to grow the company so as to be able to list it on the stock market, given that the transaction has allowed the company chaired by Juan Antonio Gómez-Pintado (pictured above) to incorporate assets worth €1.3 billion (…).

Future stock market debut?

Since then, the rumours regarding the possible stock market debut of Vía Célere have been constant (…). In fact, it was initially scheduled for the spring of 2018, but it was always known that the property developer needed to be larger to be able to compete in the market with Neinor, Metrovacesa and Aedas (…).

Original story: El Confidencial 

Translation: Carmel Drake

Quabit Reassures Investors of Business as Usual Despite Falling Share Price

24 October 2018  – Eje Prime

Quabit is reassuring its investors. The property developer chaired and controlled by Félix Abánades has informed Spain’s National Securities and Market Commission (CNMV) that it does not think that the decrease in its share price in recent weeks is justified “given that it does not correspond to the current value or the fundamentals of the company”.

In this vein, the company has confirmed that it is working “intensely and with absolute normality”, in accordance with the objectives established in its strategic business plan, which will be completed in 2022.

The property developer has also explained that the legal battle over the mortgage tax is not affecting the company’s activity, either from the point of view of granting loans to the company or of signing credits with its customers. In any case, the company has announced that it has yet adopted any decision regarding the possibility of initiating claims.

Quabit finalised the first half of the year with profits, for the first time, of €1.14 million, compared with losses of €3.52 million recorded as at June 2017, according to a statement filed by the company with the CNMV in July. Similarly, in terms of turnover, the group tripled its revenues during the first half of the year to €9.15 million, three times the amount recorded during the 6 months to June 2017.

Abánades’ company currently has fourteen developments under construction in several areas of Spain, containing 909 homes in total, after recently starting work on a dozen residential projects.

Since 2017, Quabit has invested €193 million in land on which to build almost 4,850 homes, which means that it has already fulfilled 75% of the promotion target established in its plan for 2017-2022.

Original story: Eje Prime 

Translation: Carmel Drake

Aedas will Collaborate with Socimis to Build Rental Homes

21 October 2018 – La Vanguardia

The property developerAedas Homes has started negotiations with several Socimis to offer them “turnkey” projects for rental homes that they will be able to manage, and has ruled out, at least for the time being, turning itself into a listed real estate investment company (Socimi).

The CEO of Aedas Homes, David Martínez, explained to Efe that the intention of these negotiations is to allocate some of the residential land that it owns to building “turnkey” homes for rental, although the firm is continuing with the development and sale of its own homes in most cases.

“We cannot launch two developments at the same time because they would cannibalise each other, but we can launch one for sale by us and the other for rental by a Socimi”, explained Martínez by way of example for the areas in which his firm has land for two neighbouring plots for development.

What Martínez did rule out is the possibility of Aedas Homes becoming a listed real estate investment company (Socimi), at least for the time being.

“In the future, we can explore the possibilities, but, that is not something that interests at the moment, because our objective is to grow as a property developer”, he highlighted.

Moreover, the firm has no plans to explore other segments of the real estate market or venture overseas.

“Residential is a sufficiently large niche, which requires specialisation, primarily in the areas of high demand”, said the senior executive at Aedas, who also acknowledged that his company is interested in buying land from large owners such as, for example, Sareb.

Moreover, and when asked about the Government’s announcement to promote a stock of 20,000 new homes for social rental, Martínez said that “any initiative is welcome”.

In this regard, he said that “it is clear that this country needs homes, for ownership and rental”, and that “although rental prices are rising well above expectations, that is a clear sign that there is a housing deficit”.

The CEO of the property developer estimates that overseas demand amounts to 30,000 homes per year, which is “quite stable”, with British buyers “still the strongest, despite Brexit”, but there has also been a rise in acquisitions by Belgians, Dutch, Nordics and Russians.

In terms of reserving 30% of homes in new developments for social rental, an initiative approved by the Town Hall of Barcelona, Martínez does not think that the Generalitat of Cataluña will approve it and that, if it were to, “it would generate uncertainty and so would not be a good decision”.

What he does ask Town Halls is for them to speed up the granting of licences and changes to urban plans to allow an increase in density in Spain’s cities.

By way of example, he explained demolishing a block of low-rise homes, rehousing the residents and building taller developments, which would avoid the “expansive growth” of cities and the consequent problems that this causes for mobility.

In addition, he indicated that one of the challenges facing Aedas is to increase its industrialised construction of homes, building most of a home in a factory, for example. This method is not very widespread in Spain yet but his firm has been promoting it in six of the developments that it currently has underway.

Original story: La Vanguardia

Translation: Carmel Drake

Caledonian Buys 10,000 m2 of Land in Central Madrid For Residential Development

14 September 2018 – Eje Prime

Caledonian has increased its land portfolio in Madrid, but this time it has done so in the centre of the Spanish capital. The property developer has purchased a plot spanning 10,000 m2 in the Chamartín district of the city centre. The company plans to construct a residential development on the site, which it will add to the two that it already owns in the municipality of Pozuelo de Alarcón.

The objective of the construction company is to convert an industrial plot into a residential one. On the site, located on Calle Javier Ferrero, the company is planning to build different types of apartments with between one and four bedrooms.

Like on other occasions, Caledonian is going to collaborate this time with the architecture studio MK27, led by the Brazilian Marcio Kogan, to carry out the design of the urbanisation. The development will also have common areas with a gym and indoor and outdoor swimming pools.

The company, founded in 1998 by Enrique López Granados, plans to start work on the construction of the homes at the beginning of 2019. The project managers confirm that the construction work will take approximately one year.

Caledonian’s turnover in 2017 amounted to €25 million. The firm focuses its activity on the north-west of Madrid with projects that include several residential developments containing more than thirty homes.

Original story: Eje Prime

Translation: Carmel Drake

Domo Activos Completes €5M Capital Increase to Buy New Land

14 September 2018 – Eje Prime

Domo Activos is continuing to finance the expansion of its land portfolio. The property developer Socimi aimed at medium-sized investors has undertaken a capital increase amounting to €5 million, according to a statement filed with the Alternative Investment Market (MAB).

Domo Gestora’s Socimi, which made its debut on the stock market at the end of 2017, has subscribed 2.5 million shares, granting them a nominal value of €2 each. With these resources, the company will be able to continue paying for its land purchases on which to develop residential buildings for rent.

Domo Activos already approved a capital increase amounting to €15 million at an Extraordinary General Shareholders’ Meeting in December, though the issue and launch into circulation of up to a maximum of 7.5 million shares.

Since its creation in 2015, Domo Gestora’s property developer has been committed to acquiring buildable land in locations such as Madrid, Málaga, Valencia, Sevilla, Córdoba and Zaragoza. Currently, the largest project being promoted by Domo Activos is an 80-home development that it is building in Madrid, in the Ensanche de Vallecas.

Original story: Eje Prime

Translation: Carmel Drake