La Llave Grows In Madrid With Purchase Of A Mega-Floor For 600 Floors

The Catalan developer and construction company La Llave de Oro is making firm progress in its commitment to Madrid with the purchase of a mega-land located in Los Ahijones, one of the urban developments that are being promoted in the southeast of the capital.

This is the second operation carried out by the firm in Madrid, which aims to make this one of its reference markets together with Barcelona from now on. As confirmed by the company to elEconomista , the plot they have acquired has an area of ​​225,000 m2 , of which 84,000 m2 are buildable with a residential use of 60,000 m2, both for free and protected housing. Most of the latter will be under the VPPL format.

With this purchase, the company now has a portfolio of around 850 homes in Madrid , since the new land acquired has the capacity to build approximately 600 units.

This operation, in which the Catalan firm has counted on the advice of Cuatrecasas for the due diligence, represents an important step for La Llave de Oro, which manages to position itself in Madrid capital after closing a first purchase in July last year in the area de Las Sedas, in Alcalá de Henares.

“Our objective in this market is to diversify the business both geographically and by product type”, explains Ferran Marsà, CEO of the promoter, who anticipates that they are already negotiating a third operation and assures that they would like to “also take positions in the northwest of Madrid to have a higher-ranking product in our portfolio. “

Likewise, the manager acknowledges that the finalist land market “is becoming notably stressed by the competition that is generated between the funds as a result of the Build to Rent projects and the cooperatives, so for now we are going to focus on the land under management “.

This is precisely the case of Los Ahijones, which is still under development. The first phase of the project that the family business is going to build will have about 200 homes , as explained by Nacho Pujol, Director of Business Development at Llave de Oro, who points out that the simultaneity for this phase is scheduled for the end of 2022, so the delivery of these units could take place in 2024. The manager values ​​the Los Ahijones area, where other large developers such as Kronos, Habitat or Pryconsa already have a presence, and highlights the fact that it will have a Metro stop in the first phase of the houses.

Patrimonial branch
The company’s strategy also points towards the rental market . In this sense, its CEO explains that they are working to “give a boost to the patrimonial branch through the residential market”, therefore “part of the 600 units that we will build on this land in the Ahijones will be used for rent.” In addition, the firm already has apartments in Barcelona, ​​a hotel and a site to build another tourist establishment.

For his part, Pujol is critical of the future Housing Law . “While waiting to know the details, we understand that it will mean greater regulation of the sector and legal uncertainty, which is the opposite of what we believe should be done: incentivize and create incentives so that the rental and sale offer increases and prices are reduced, as well as favoring public-private collaboration through concessions to expand the public and affordable housing stock, the best way to mobilize the land that the administrations own but that have not been burdened due to lack of resources and know-how “, explains the manager of the Golden Key.