Pryconsa to Donate Some of its Income to Organisations Involved in the Covid-19 Crisis

Pryconsa is going to donate a portion of the income it receives from the sale of its homes during the State of Emergency to charities and charitable organisations that are helping healthcare workers to manage the coronavirus.

Through its foundation, Pryconsa is going to donate a portion of the income it receives from the sale of its homes during the State of Emergency to charities and charitable organisations that are helping healthcare workers to manage the coronavirus.

This campaign, called Señales Solidarias (Signs of Solidarity), is being applied by all of the companies in the group that are dedicated to the promotion and sale of homes, specifically: Pryconsa, Isla Canela, Prygesa, Progemisa and Cogein.

The Socimi owned by the Colomer Family Cancels its AGM due to Coronavirus

Saint Crox has called off its Ordinary General Shareholders’ Meeting, which was scheduled for 24 April 2020.

The Colomer family, which owns the property developer Pryconsa, has justified its decision following the second extension of the State of Emergency due to the coronavirus pandemic.

In this sense, the Board of Directors of Saint Croix considers that the cancellation of the aforementioned General Meeting is “prudent, and most appropriate” for the preservation of the interests of the company and its shareholders.

Ibosa Acquires RC1 from Mahou for €70 Million

8 October 2019 – The real estate cooperative Ibosa has acquired the second of the three plots of land owned by Mahou by the former Vicente Calderón stadium for 70 million euros.

The plot of land, called RC1, has a buildable area of 18,266 square meters for residential use, enough for 200 new homes. The asset also has 3,741-m2 of commercial land.

After this, only one of the three plots of land owned by the brewery is still left for sale. Pryconsa acquired the first plot for 55 million euros.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Pryconsa Acquires RC5 in Madrid from Mahou

30 September 2019 – Pryconsa, the Colomer family’s real estate developer, has finalised its acquisition of the RC5 plot of land from the Mahou brewery in its Operación Calderón. Market sources state that the negotiated sales price was around 3,000 euros per square meter, for a total of more than 55 million euros.

Mahou opted to go with Pryconsa since its offer of payment was seen as better, though the cooperatives were able to pay slightly more.

Mahou is selling off three plots of land by the former stadium in Madrid: RC5, RC1 and RC2. Pryconsa acquired the first, which has a buildable area of 18,508 square meters. The developer plans to build houses for sale, not for rent.

Original Story: El Confidencial – Elena Sanz / Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Pryconsa Close to Finalising Acquisition of RC5 from Mahou

27 September 2019 – Pryconsa, the Colomer family’s real estate developer, is close to finalising an agreement to acquire the last plot of land on sale by the Mahou brewery in Madrid.  The sale, part of the Operation Calderón, is expected to go more than 55 million euros.  

Pryconsa would thus take over the plot of land known as RC5, which has a buildable area of ​​18,805 square meters. The land that makes up Operation Calderón has a total area of ​​193,804 square meters and a building area of ​​147,000 square meters and is one of the last large plots of land left in central Madrid.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Pryconsa and SVPGlobal in Talks to Acquire Land from Atlético de Madrid

30 July 2019 – Richard D. K. Turner

Pryconsa, the Colomer family’s developer, and SVPGlobal, which owns the Benidorm highrise, are bidding to take the last of the three plots being sold by Atlético de Madrid’s Operación Calderón. The first two plots of land went to a joint venture by Azora and CBRE GI, in a deal worth just over 100 millions of euros.

Stoneweg’s partnership with Hines had been seen as likely to win the bidding for the last plot of land, but an unexpected offer from Vivenio and the Dutch fund APG surpassed their bid at the last moment. Talks with Vivenio subsequently broke down when the firm was unable to secure the necessary financing.

Somewhat late to the party, Strategic Value Partners (SVPGlobal) and Pryconsa have both also now also expressed interest in submitting bids. The firms are analysing the asset, which Atlético de Madrid is selling for €3,150/m2. Bids are expected this week.

If neither of the two manages to reach an agreement with the football club, Atlético de Madrid is expected to go back to Stoneweg-Hines and Vivenio for final proposals, looking to finalise a deal shortly.

Original Story: El Confidencial – Ruth Ugalde / Elena Sanz

Countdown to Los Berrocales: Investment of €4.4bn Over 20 Years

18 February 2019 – Eje Prime

More millions for Los Berrocales. Joaquín Gómez, manager of the Los Berrocales Compensation Board, expects investment of up to €4.4 billion from the owners and future housing developers over 20 years. That amount will be added to the €200 million that has already been invested by the owners in pipelines, collectors, infrastructures, service roads and earth movement work.

The proposal that has been reached with the owners of Los Berrocales is that the neighbourhood will be constructed in phases. First, phases I and III, which are expected to involve the construction of 10,000 homes over 10 years. The rest of the construction work will be carried out in the following decade. Up to 100,000 homes from the plan, located in Los Cerros and Valdecarros, will be suspended due to the requests filed for compensation against the Town Hall, according to reports from Cinco Días.

Nevertheless, the approval of the agreement does not mean that the construction work is going to begin immediately. In fact, Gómez expects that construction of the homes could begin in 2022 or 2023. For now, there are no threats of suspensions for political reasons given that Ahora Madrid, Ciudadanos and the PP are all in favour of the project. The position of Pepu Hernández, the likely socialist candidate, if he is elected mayor, remains to be seen.

The owners of the 8.3 million m2 of land include Habitat, Pryconsa, Santander, Caixabank and Liberbank. Another of the major landowners is the Town Hall of Madrid, which holds almost 8% of the plots.

Original story: Eje Prime 

Translation: Carmel Drake

Neinor & Vía Célere Lead the Ranking of Forecast House Deliveries for 2019

28 January 2019 – Cinco Días

Year after year, the new major players in the house construction sector are seeing the numbers in their growth plans increase. During 2019, the largest property developers created since 2015, and some of those reborn from the ashes during this latest upwards cycle, are expected to approach their cruising speed, above all, the listed companies Neinor, Aedas and Metrovacesa, which have been called to lead the residential construction sector together with Vía Célere. Even so, the sector is still very fragmented with lots of small companies.

Neinor Homes and Vía Célere have become the two entities with the largest number of home deliveries this year. In both cases, 2,000 clients will receive the keys to their homes, according to figures provided to Cinco Días by around twenty property developers. In these forecasts, the companies have detailed three concepts for their plans for 2019: homes that they will launch onto the market, homes that they will start work on and forecast deliveries.

Neinor Homes, created in 2015, and led by Juan Velayos (…) expects to start work on 3,000 homes this year, coming close to the cruising speed that it defined during its IPO, and it will start to market another 2,000 units.

Meanwhile, Vía Célere, controlled by the US fund Värde Partners, is in the middle of integrating the assets of Aelca, the other property developer owned by Värde, which has now emptied its portfolio (…). It is the only one of the large players that is not yet listed on the stock market; its plans in that regard were postponed last year.

The listed firm Aedas, also created in 2017 with land from another US fund, in that case, Castlelake, is also perceiving an upwards turn in its numbers. This year, it will hand over 1,055 homes, start marketing 2,500 homes and start building 3,000 homes, just two years after first appearing on the stage, with David Martínez as its CEO.

Meanwhile, Metrovacesa, the other large listed company, controlled by Santander (and in which BBVA holds a minority stake), clearly leads the business plans, with up to 4,500 homes to be newly marketed and whose construction will be launched. This one-hundred-year-old real estate company, which was cleaned up by the banks following the crisis, launched its new project in 2017 with Jorge Pérez de Leza, from Grupo Lar, as the CEO.

In terms of those entities backed by funds, the rescued firm Habitat also stands out, reactivated last year by Bain Capital, and which is planning to market 3,000 homes this year. Similarly, Cerberus took control of Inmoglacier in 2017 (…). That firm declined to provide its forecasts to this newspaper, but it is also set to play a significant role, given that it has become one of the real estate arms of the US fund, one of the most active in the purchase of assets from the banks and which also owns Haya Real Estate as its servicer.

The group of twenty-odd companies consulted will hand over almost 16,000 homes this year, will start work on 34,000 units and will begin marketing another 30,000 properties. These figures reflect the enormous fragmentation in the sector, which in the last 12 months has started 103,000 homes in total, according to figures from the Ministry of Development as at October 2018.

Small specialist property developers still carry a lot of weight, unlike in other countries where large players exist. Moreover, even though the rate of residential construction has taken off since 2014, it is still well below the peak of 2006 when 865,000 building permits were granted.

In terms of the new players also boosted by the international funds, they include other developers with a high rate of house sales: AQ Acentor (owned by the German fund Aquila), which is going to put 1,700 homes up for sale; Kronos Homes (backed by several European and US investors), which will market another 1,600 homes; and ASG Homes (backed by the British firm ActivumSG), which plans to add another 1,000 homes.

In terms of the survivors of the crisis, Amenabar stands out, the Gipuzkoan company, which expects to start work on 3,608 homes next year and to hand over 1,245 units. Another of the stalwarts is the Madrilenian firm Pryconsa, owned by the Colomer family, which has already reached a high number in terms of house starts: 1,285. In more modest terms, other important firms include the Basque entity Inbisa and the new entity Áurea Homes, the residential subsidiary of the Navarran construction group ACR (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Pryconsa Draws a Roadmap to Build 1,300 New Homes by 2020

17 January 2019 – Eje Prime

Pryconsa is remaining strong in its commitment to the Spanish residential market. The property developer is planning to build at least 1,285 homes by 2020, located across the Community of Madrid as well as in the municipalities of Cáceres and Valladolid, according to sources at the company speaking to Eje Prime.

During the course of this year, the company is going to launch fourteen developments, containing a total of 727 homes, located in different parts of the Community of Madrid (such as Alcalá de Henares, the Puerto Hierro area, Torrejón de Ardoz, Boadilla del Monte and Vicálvaro), as well as in Cáceres and Valladolid.

On the other hand, in 2020, Pryconsa is going to start work on the construction of 558 homes, spread across six developments and located in the city of Madrid and the surrounding areas (Alcalá de Henares, Vicálvaro and Carabanchel). Nevertheless, as the group explains, “it is most likely that during this year, the number of projects started will increase”.

In addition, the company has the objective of handing over 561 new homes in 2019, 1,196 in 2020 and another 1,107 in 2021. For now, Pryconsa has the intention of focusing on the centre of the country, although it does not rule out entering other cities soon. “It will all depend on the situation and on the opportunities in the market, but that will happen from 2021 onwards”, say the sources.

Currently, Pryconsa has its headquarters in Madrid and operates delegations in Valladolid, Sevilla, Ayamonte and Valencia. The company, which has a workforce of 500, recently settled in the Mediterranean city, to open a Prygesa office, one of its firms specialising in the development of homes.

More than fifty years in the Spanish real estate sector

Founded in 1965, Pryconsa is a company that spans the entire construction cycle: from the purchase of land to the construction of assets and their sale. Besides the residential sector, the group also works in other segments, and is present in the hotel, retail and office sectors through its Socimi Saint Croix Holding Immobilier.

The Socimi, constituted in December 2011, is the owner of six hotels, twelve office buildings, thirteen retail premises and one logistics centre, most of which are located in the Community of Madrid, the group’s main area of operation.

Led by Marco Colomer, Pryconsa is one of the great survivors of the real estate crisis that Spain suffered from 2007. Nowadays, the company continues to be one of the largest residential property developers in the country, with more than 54,000 assets delivered by the end of 2018.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

Goldman Sachs Pays €63M for A Plot of Land in Madrid

6 December 2018 – Eje Prime

Goldman Sachs is targeting the prime housing market in Madrid. The US investment fund has just purchased a plot of land in the centre of the Spanish capital for €63.7 million. The development of luxury apartments planned for the site is going to be built by the Catalan property developer Uniq.

The acquired plot is located at number 147 Paseo de la Habana and has a finalist surface area of 10,000 m2. The vendors are members of a family from Asturias. In the bid for this plot, Goldmans competed with other funds and property developers, such as Grupo Ibosa, Grosvenor, Pryconsa, Domo and Nozar, according to El Confidencial.

With this partnership, Uniq will have the possibility of increasing its presence in Madrid, where it already has a project underway in a former tenement building in Plaza de San Juan de la Cruz. Now, the Catalan property developer is going to build a development less than 1km from Paseo de la Castellana and the Santiago Bernabeú.

The area in which the development will be located has been receiving a lot of investment from wealthy Latin American families, recently. They are driving prices up in the residential market since they are “willing to pay well above the market average”, according to sources in the sector speaking to Eje Prime. They are interested in withdrawing their capital from their countries of origin, many of which are unstable, economically speaking, to invest in Spanish real estate, which offers them greater security.

Original story: Eje Prime 

Translation: Carmel Drake