Ferrovial Inmobiliaria (the Ferrovial Groups real estate subsidiary) and property developer Udinsa (part of the Allovar Group) will jointly develop the Edificio Gran Vía residential complex in Sevilla. The project includes the construction and development of more than 300 homes for a total investment of 78 million euros (13,000 million pesetas).
Edificio Gran Vía will be built on the former site of a Coca-Cola bottling plant in Avenida de Kansas City, near the Santa Justa railway station, the Santa Clara residential area and the Nervión shopping mall. The residential project, which is already being marketed, is due to start construction in the fourth quarter of 2001, and the first homes are planned to be ready in the second quarter of 2003.
Ferrovial Inmobiliaria, Spains leading home builder.
Edificio Gran Vía is Ferrovials ultimate real estate project. Ferrovial Inmobiliaria is currently developing a total of 18,000 homes in 26 cities in Spain, Portugal and Chile. In Andalucía, the company is developing more than 1,900 homes in Sevilla, Málaga, Benalmádena and Granada.
Ferrovial Inmobiliaria is Spains leading home builder: committed sales total 601.4 million euros (100,065 million pesetas). In 2000, revenues amounted to 305,3 million euros (50,798 million pesetas) and operating profit to 75 million euros (12,748 million pesetas), a 77.5% increase.
Ferrovials real estate business, which focuses mainly on the first home market, continues to strengthen its product diversification strategy by moving into condominium management (via Lar 2000), property asset management and land management.
Udinsa: a property developer since 1989
Udinsa (owned by the Allovar Group) has been operating in the real estate market since 1989 and it has a strong foothold in Spain after major expansion in recent years; it now develops properties in Andalucía and Madrid. The group projects total revenues of 450 million euros (75,000 million pesetas) in the 2001-2003 period, with more than 2,000 homes in development.
