27 September 2019 – The US fund Castlelake, the majority shareholder of Aedas Homes, has acquired sufficient land, 100,000 square meters, to develop 1,000 homes in Quart de Poblet (València) from the real estate developer Grupo Ática.
Grupo Ática owned 60% of the total land in the new development, enough to build 1,400 homes out of a total of 2,300. After the sale Ática will still own land for 400 homes, all of which will be subsidised (VPO). The two firms declined to reveal details of the transaction.
The remaining 40% of the land is owned by: Metrovacesa, with 6%; Dosval, with 3%, and the Quart de Poblet City Hall with 11%. Small property owners account for the remaining 20%.
Castlelake’s investment in the new development is expected to exceed 28 million euros, with €23 million in infrastructure works.
Original Story: Valencia Plaza – Estefanía Pastor
Adaptation/Translation: Richard D. K. Turner
13 February 2019 – Valencia Plaza
Four residential buildings as it starts out life as a property developer. They are the figures with which the firm iHomes Urban Life is being created. It belongs to the company Proyme Grupo Gestión. The group, whose trajectory has focused exclusively on construction, decided to take advantage of the change in the cycle to develop residential projects.
Three of its projects are located in the city of Valencia and the fourth in Quart de Poblet. The largest of them is the latter, where 60 homes are being constructed in La Plaza San Rafael in the town of l’Horta Oest, on a plot acquired from Sareb. The smallest, known as Residencial Jardins del Botánic, will have 10 homes at number 16 Calle Turia.
The two remaining sites, which are both in the construction phase, are located on Avenida Primado Reig in the Valencian capital, specifically at number 136, with project Nexo Residencial, comprising 16 homes on a plot also purchased from the bad bank; and another 30 units at number 40, with project Alfa Residencial, on a larger plot before the tunnel that links to Peset Aleixandre.
According to explanations provided by sources at the group, which is originally from Algient and administered by Juan Bautista Pelufo Gayà, it is a family business with 30 years of experience, currently managed by the second generation and strengthened with personnel from other property developers (…).
Original story: Valencia Plaza (by Dani Valero)
Translation: Carmel Drake