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Aedas Reduces its Half-Year Losses to €8.3 Million

The property developer owned by Castlelake generated revenues of €61.8 million from the delivery of homes, which raised its gross margin but not by enough to offset its losses.

Recreacion aerea de la promocion Casanate de AEDAS Homes en Zaragoza con la estacion del AVE al lado. 1024x576 1

Aedas Homes, the listed property developer created by the US investment fund Castlelake, closed the first half of its fiscal year – which ended on 30 September – with revenues from the sale of new homes of 61.8 million euros, up by 32% compared to the same period a year earlier.

Between June and September, a period severely marked by the Covid-19 pandemic and restrictions on mobility, Aedas managed to close 396 sales, 10% more than during the same period in 2019. In total, during the first half of its financial year 2020-2021, the firm recorded 523 pre-sales, with another 129 net sales following in October. In terms of cancellations, Aedas has suffered just 16 from its previously signed contracts.

Read the full article in Spanish.

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