The FADESA Group and the Property Fund BBVA Propiedad have signed an agreement under which BBVA Propiedad will acquire 253 properties for a price of €76 million. The properties will be added to the Funds existing assets. Several property investment companies managed by the same group are also participating in the operation.
This is the third operation that the two companies have agreed in just over a year. It is made up of properties that FADESA is currently building in Barcelona, Zaragoza, Tarragona, Palma de Mallorca and Las Palmas, Gran Canaria, and follows on from agreements reached covering other property assets in Madrid, Seville, Murcia and Ourense.
Of the 253 properties that make up the operation, 72 are located at Urbanización Los Cados de la Joyosa, in Zaragoza; 42 of the homes are at Urbanización El Mirador del Ebro in LÀldea (Tarragona); 35 are at Residencial Sa Marina, in Son Gual (Palma de Mallorca); 62 are at Complejo Residencial Gran Guanarteme, in Las Palmas, Gran Canaria, and the remaining 42 are at Residencial Torres Europa, L Hospitalet de Llobregat (Barcelona).
The Residencial Torres Europa project is part of the plan to develop a unique residential and business area in the main street, Gran Vía, in L Hospitalet, in what will be the Plaza Europa. It is a cutting-edge project consisting of five towers designed by the architects Alonso&Balaguer. Three of the towers will consist of upmarket 1, 2 and 3-bedroom homes, while the other two will be made up of offices, creating a landmark city space.
Residencial Gran Guanarteme is a remarkable project: a complex of 300 luxury homes right in the heart of Las Palmas, in a highly desirable location surrounded by two bays and the beaches of Las Canteras and Las Alcaravaneras.
Residencial Sa Marina is also an exclusive residential complex consisting of 166 upmarket homes in Palma de Mallorca.
Finally, Urbanización Los Cados de La Joyosa and El Mirador del Ebro are large-scale property projects consisting of 2,800 and 901 homes respectively.