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Metrovacesa Looks to Sell €50 Million in Residential and Tertiary Land by Year-End

The listed developer plans to deliver more than 1,300 homes this year, sell more than €50 million of land, generate more than 100 million euros of cash and pay a dividend of more than €80 million.

The developer Metrovacesa, controlled by Santander and BBVA, which has a smaller stake, claims to have pre-sold 400 homes in the first quarter of this year. Despite Covid-19 and its economic effects, which have delayed business objectives, its CEO Javier Pérez de Leza, points out that “by 2021 we already feel comfortable to say that we will double deliveries.”

In interviews with the business dailies Cinco Días and Expansión, the CEO outlines his business plans this year. The executive does not see the developer’s interest in corporate operations due to the low share price and a sufficient land portfolio.

In this sense, the main objectives are to deliver more than 1,300 homes, sell more than €50 million in residential and tertiary land, generate more than 100 million euros of cash and pay a dividend of more than €80 million.

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