Acciona buys twelve developable plots valued at €10.7M in Pozuelo de Alarcón, in Madrid’s western outskirts. The land has a total surface área of 74,500 sqm, and a buildable area of just over 21,000 sqm.
The greenfield site, located in Arpo (Western zone of Pozuelo de Alarcón), is one of the last major areas for development in Madrid’s northern suburb of Pozuelo. These plots have been, for more than a decade, whet the appetite of the property development sector as a whole due to its a coveted location in a privileged environment towards the west of the municipality, between the M-40, the M-503 and Somosaguas. The affluent area is characterized by having a low residential density due to a large number of single-family homes present.
Acciona acquired the land from Reyal Urbis for a price of between €900 and €1,000 per square meter. The land’s building rights allow for the development of 200 homes of which 74 will sold in the free market whilst 123 would be aimed at social housing. Part of the plot has tertiary use which will house commercial infrastructure and Acciona will use another three plots for single-family housing.
Acciona’s acquisition strengthens its position as a real estate developer, in an area where SDIN (Oaktree), Pryconsa, Metrovacesa, Vía Célere, Tavie Investment, and iKasa are also active as landowners. All of them are owners of an extensive six million sqm land bank in the Community of Madrid, which will see the construction of 5,500 new homes of different uses including free-market housing , protected, low-density residential and single-family housing.
Acciona’s latest acquisition highlights the keen interest the Entrecanales family has in the residential market after having decided to re-launch the firm’s real estate business five years ago, Last year, Acciona signed a €63 million agreement with Hines to develop 400 homes in Valdebebas on a rental basis, a market segment which is attracting strong demand from large developers.