Azora has acquired 475,000m2 of residential development land in Valdecarros, an urban regeneration area in greater Madrid that, at over 19 million m2, is the largest urban development project in Spain. Building on its over twenty years’ experience in the Spanish residential sector, the acquisition allows Azora to deliver more than 3,500 much-needed new free market and subsidized homes into Madrid’s supply-constrained residential market in Madrid, the first of which will be ready for occupancy in the fourth quarter of 2028.
Following the purchase Azora has over 1.5 million m2 of residential land in Valdecarros, making the firm one of the largest private owners in this significant urban development project. This acquisition is part of Azora's ongoing commitment to the development and management of rental and for-sale housing, representing its active response to the current challenges in the real estate sector due to the shortage of new supply and rising construction costs.
Valdecarros is part of the so-called southeast Madrid strategy, an ambitious urban development plan designed to include the construction of over 51,000 homes, 55% of which will have some form of public protection. The plan also features more than 7 million m2 of green spaces. Valdecarros will have the capacity to accommodate over 150,000 residents, a population comparable to cities like Santander or Logroño. It will contribute nearly one-third of the 150,000 homes currently in the planning phases for construction over the next 20 years in the city of Madrid.
In this highly complex transaction, which involved the coordination of 14 private owners, Azora was advised by Colliers, a global leader in real estate investment management and advisory services.
Javier Rodriguez-Heredia, Managing Partner of Azora's Real Estate Division said: “With this latest acquisition in Valdecarros, Azora once again demonstrates its over 20-year commitment to making investments that provide real solutions to the housing supply challenges— a basic social infrastructure essential for the well-being and progress of a country’s population and key to its future growth and competitiveness.”
Antonio de la Fuente, managing director of Corporate Finance and Living at Colliers, commented: “With the closing of this transaction, Colliers' Living team has advised on more than one million square meters of land under management in the last 24 months. The importance of land as a source and primary resource for residential products is unquestionable, which is why we are particularly proud to contribute, with our experience, to the creation of high volumes of new housing in Madrid, such as those that this transaction will generate and which are so necessary for the city.”
Image Source - AZORA.
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