Nyesa Buys 2 Residential Plots in Madrid for €3.6M

18 June 2018 – Eje Prime

The historical firm Nyesa is building homes again in Spain. The group has purchased two plots for residential use in Madrid for €3.6 million. Located in Vicálvaro, in the southeast of the Spanish capital, the plots have a buildable surface area of 5,700 m2, according to explanations provided by the company.

On this land, the real estate company is going to build private housing in its return to the domestic residential market. Having returned to the stock market in January, after six years of lethargy and emerging from creditors’ bankruptcy, Nyesa is going to build flats in El Cañaveral, “one of the largest urban developments in Spain, with a surface area of 5.3 million m2 and plans for 14,000 new homes to be built in the area over the coming years”, said the group.

This new project represents the relaunch of the group’s real estate development division, which has projects underway in Russia and Costa Rica. Listed on the stock market since 1989, its largest shareholders include Grupo Gaber, which controls 23.97% of the company; Grupo Eldarov, owner of 13.88%; Aqualdre, owner of 12.29%; and Fanumceo and Andrei Ivanov with smaller stakes of 8.97% and 5.57% of the company, respectively.

Recently, Nyesa divested some of its business in Costa Rica, with the sale of part of one of its projects in the Central American country to the local businessman Humberto Vargas for €21 million. The surface area transferred amounts to 140 hectares and is located within the La Roca resort, the largest in Costa Rica and one of the largest in all of Latin America.

Original story: Eje Prime

Translation: Carmel Drake