Prygesa Sole Bidder in Valencia Land Auction

19 July 2019 – Richard D. K. Turner

Prygesa won the first land auction for the Valencia Central Park. The firm was the only bidder for the lands, located in the city centre, and resulting from the construction of the city’s new Central Railway Station.

The land around Joaquín Sorolla station, between Maestro Sosa and San Vicente Mártir streets, with 3,507 square meters of surface area, will give way to a 93-home residential complex with a swimming pool, gardens and private paddle tennis court. Construction is set to begin in 2021.

Original Story: Eje Prime

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

Ferrovial, Domo, Amenabar & Prygesa Compete For Alluring Plot of MOD

31/10/2014 – El Confidencial

Within less than a week the sector will know the name of the new owner of the Madrid downtown plot sold by the Ministry of Defence that is asking €90.3 million for it. Merely 500 meters from the popular Paseo de la Castellana street and located on the Raimundo Fernandez Villaverde street, one may find the most attractive 14.500 square meters currently up for sale in the capital. The piece of land has been listed at portal for one and half year.

Despite the commotion and interest the parcel invoked, only four companies presented their binding bids: Ferrovial, co-ops manager Domo, Basque builder Amenabar and Prynconsa’s branch Prygesa.

Participation of Ferrovial is somewhat surprising as the firm sold its residential development arm to Habitat in 2006. Allegedly, it operates on behalf of a fund. At one time, the company constructed more than 200 dwellings on land which used to house the old Madrid’s Town Planning Department, situated in the cofluence of the Guatemala, Alfonso XIII, Paraguay and the Puerto Rico streets. The piece of land was purchased by La Cooperativa EAI 310 for €65 million. Further on, the company named Domo Gestora de Viviendas to manage and develop the project.

Domo itself is another bidder at the tender for the Defense’s plot. If the firm wins, it will build 355 homes ranging from one to five bedrooms at a price fixed between 3.200 and 3.300 Euros per square meter. True bargain as for the Rios Rosas neighborhood inside the Chamberi district, where a year ago prices oscillated around 4.400 euros per built square meter, data by Foro Consultores. Also, Domo takes part in an auction of another plot in Madrid, located at 58 Cavanilles street, up for sale by Metro.

Next candidate to buy the piece of land of the Ministry is Basque builder Amenabar. ‘It is a proven, solvent company with great potential from the economic point of view’, sources from the sector describe it. Few years ago, Amenabar purchased several plots intended for subsidized housing in Arroyofresno from the city of Madrid.

The last player is Prygesa, company belonging to Pryconsa Group, one of the few recession survivors. Its project for the land assumes construction of 310 dwellings, from two to six bedrooms. Besides, Pryconsa bids for the Cuatro Caminos depots of Metro, shoulder in shoulder with Ibosa.

To take part in the auction, all bidders had to hand a 5% deposit equal to 4.513.913,25 Euros.

How high may the price reach?

The Ministry of Defense asks €90.3 million for the plot which is, in the sector’s opinion, a very low listing price. Therefore, the offers for sure will aim above that level but will not exceed €110 million.


Original article: El Confidencial (by Elena Sanz)

Translation: AURA REE