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Aedas Earned €3.2M in Q1 after Quintupling its Revenues

Aedas Homes, the property developer owned by Castlelake, generated revenues of €70 million in the first quarter of 2020, after delivering nearly 200 homes.

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An Aedas Homes development.

The property developer Aedas Homes closed the first quarter of 2020 with revenues of €70 million, compared to the €14 million it achieved during the same period in 2019. All of the turnover corresponds to residential sales, since Aedas did not close any land operations during the first three months, but rather delivered 167 homes.

The firm’s gross margin improved to 28.4%, whilst its EBITDA amounted to €7.9 million, compared to a loss of €3.1 million recorded in the first quarter of 2019.

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