Kronos Group is betting on developing new neighbourhoods in the southeast of Madrid. The company led by Saïd Hejal has taken over a massive amount of land in an area known as Los Ahijones. Specifically, it has added 526,267 gross sqm, corresponding to 186,574 buildable sqm, upon which 1,419 new homes can be developed consolidating its position as a crucial player in Madrid’s residential landscape.
Kronos acquired the land for €60M, as confirmed by the company. The investment necessary to develop these houses reaches €200 million with construction planned to start in 2022 and, as Hejal explains, generating potential revenues of c. 330 million euros for the group. «The idea of Kronos is not to develop everything, but to create a neighbourhood, taking responsibility for the development of one part whilst selling land in another section».
Los Ahijones is located in the southeast of Madrid and includes Valdecarros, Los Cerros, Los Berrocales and El Cañaveral, where more than 100,000 new houses are planned. In the case of Los Ahijones, a total of 18,850 homes are envisioned and Kronos currently holds 7.5% of the area.
The Kronos investment group comprises international partners, and in Spain, it launched the developer Kronos Homes, which boosted its activity during 2016.
Kronos’ CEO, Saïd Hejal, has stated: «This acquisition of land confirms that at Kronos, we continue betting on the Spanish market and looking for new locations to create residential projects. The new land in Los Ahijones is also a new opportunity to fulfil our purpose of creating neighbourhoods».
In global terms, Kronos Homes has 23 projects between Spain (in Catalonia, Castilla y León, Andalusia, Navarra, Madrid and the Valencian Community) and Portugal (in The Algarve and Lisbon).