The listed developer Aedas Homes has made its acquisition of Áurea Homes official. Aedas is paying 53.7 million euros to the ACR Group, which owns the developer. The total includes a €50-million purchase price plus 3.7 million euros in estimated liabilities and capex.
Áurea has a portfolio of developable land sufficient for 512 homes: four plots in Madrid (El Cañaveral), enough for 374 units; two in Pamplona (Salesianos and Entremutilvas) for a total of 98 properties; and one in Seville (Mairena del Aljarafe) for 40 units. In addition, a selection of holdings in 8 projects underway, totalling 167 additional homes in Pamplona (16), Barakaldo (31), Valladolid (74) and Madrid (46).
David Martinez, CEO of Aedas Homes, explained their strategy: “This first merger will contribute to our growth with the excellent selection of land and projects while expanding our capabilities, especially in northern Spain at an optimal time for our company. One of the keys to this operation is the advanced stage of development of the selected assets, which will allow us to achieve a return on investment in the very short term and increase the generation of value for our shareholders.” He added that they are already present in these regions, which “gives us great confidence in these new projects’ success.”