PORTFOLIO: IBERIA FUND I
Residential land bank deal in strong-growth area in Madrid
ASG acquired a 150,000 sm plot of land with preliminary planning rights for 57,000 buildable sm. The land is well-located in the northern Madrid municipality of San Sebastian de los Reyes. The site is the largest remaining developable plot of land in this growing and wealthy sub-market of Madrid. Very limited remaining residential sites of any size in this area, which benefits from consolidated middle income residential housing and retail supply, as well as good public transport coverage and highway links.
Project Flamenco is a great opportunity to secure a land bank deal in a strong sub-market of Madrid at a very competitive price, which provides an attractive pool of land where to develop residential condos or to sell once zoning is completed.