The operation includes the acquisition of a group of local companies with 3 plots of land on which a total of 350 homes are already being developed, and a land bank for another 500
Ferrovial Inmobiliaria, which is already building 260 homes in the capital, thus becomes one of the leading developers in Zaragoza, with a total of 1,100 homes under management
The operation enables it speed up its regional expansion process and maintain stable growth in the province in the medium term
Ferrovial Inmobiliaria is the leading residential developer in the domestic market, with over 600 million of euros in pre-sold inventories in 2000 and a stable presence in 26 cities in Spain, Portugal and Chile
Ferrovial Inmobiliaria, the company that conducts the Ferrovial Groups real estate business, has acquired land in Zaragoza for the development of 850 homes. The operation involves an investment of over 36 million of euros (Ptas 6 billion) and includes the purchase of a group of local companies, with three plots of land in the capital and in Cuarte de Huerva, where they are building a total of 350 homes, and a land bank with a total of 150,000 square meters for the development of another 500 homes, with deliveries foreseen in the medium term.
A boost to regional diversification
The operation, which constitutes a definitive bid for this market, makes Ferrovial Inmobiliaria one of the major developers in Zaragoza, with a total of 1,100 homes under management. Ferrovials real estate division already had a franchise in this market, with a delegation in this city, where it is currently developing a total of 260 homes.
The operation falls within its strategy of regional expansion, through the opening of new delegations or the purchase of local companies with real estate assets, as on this occasion. Ferrovial Inmobiliaria currently manages a total of 18,000 homes in 26 cities in Spain, Portugal and Chile.
Leader in residential development in Spain
Ferrovial Inmobiliaria is the leading residential developer in Spain, with pre-sold inventories amounting to 601.4 million of euros (Ptas 100.065 billion). In 2000, it obtained revenues of 305.3 million of euros (Ptas 50.798 billion) and operating profit of 75 million of euros (Ptas 12.478 billion), 75.2% more than the previous year.
Ferrovials real estate business, which largely focuses on the developments of housing for first homes, continues to further its product diversification strategy, towards the fields of neighbors associations, conducted through Lar 2000; the management of real estate assets and urban management, most notable among which activity is the PAU de Sanchinarro in Madrid.