Aedas Homes, the real estate developer that delivered the most homes completed in Spain last year, announced this Thursday the purchase of Áurea Homes in an operation valued at 53.7 million euros. The acquisition includes eight ongoing projects and seven ready-to-build land that are mainly located in the center and north of the country, where the company led by David Martínez will strengthen its presence. Most specialists in the sector agree that real estate development in Spain is moving towards greater concentration. With this move, Aedas shows that it does not want to be left off the hook in that race, which Neinor launched last January when announcing the absorption of Quabit.
Áurea Homes concentrates the real estate business of the construction company ACR, which maintains some developments that it had already practically completed and some projects to develop in the long term. The operation announced this Thursday includes the integration in Aedas of the Áurea brand, its human team and 15 assets (eight developments and seven floors). Among these, the development projects already underway add up to 167 homes that are located in Pamplona, Barakaldo (Bizkaia), Valladolid and Madrid. Added to this are the finalist soils (that is, with the pertinent building permits) of which four are in Madrid, two in Pamplona and one in Mairena de Aljarafe (Seville). These add up to 512 homes.
“This first integration contributes to our growth with the selection of soils and projects of excellent quality, and expands our capabilities especially in northern Spain at an optimal time for our company”, the counselor has valued in a statement released by the company delegate of Aedas, David Martínez. The manager highlighted “the advanced state of development” of the acquired assets, which is why he foresees “a very short-term return on investment.” Michel Elizalde, CEO of ACR Grupo, stressed for his part that the sale “allows ACR to focus on the construction business”.
Aedas forecasts for 2021 pointed to the delivery of 2,300 homes, a figure that could vary slightly with the incorporation of Áurea’s business. However, Martínez’s words about a “first integration” confirm that the developer continues to actively seek investment opportunities in the market. Although relevant for its protagonists, the operation announced this Thursday is far in numbers from the one that Neinor Homes, one of Aedas’ main competitors, announced at the beginning of the year by absorbing Quabit. That was valued at 370 million euros and involved the integration of two companies that jointly delivered more than 2,400 homes last year, thus forming the largest Spanish developer.