Tectum has acquired land in El Cañaveral, in Madrid’s Vicálvaro district, to boost its affordable rental housing stock, the company announced on Monday.
Together with Locare, a company specialising in developing rental assets, Tectum will build more than 210 new homes on the land. Those will be added to the more than 1,300 rental flats under development throughout the Community of Madrid in its portfolio.
The project, which represents Tectum’s largest investment to date, will occupy some 12,000 m2 and include one, two and three-bedroom homes. It will also have storage rooms, more than 200 parking spaces, a swimming pool, sports courts, a children’s playground and green areas. The building will also have more than 800 m2 for retail spaces.