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AEDAS Homes will acquire plots for urban transformation
23 May 2019 | Observatorio Inmobiliario

AEDAS Homes signed its first outline agreement with American fund Castlelake to acquire non-finalist plots, meaning pending planning approval.

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An ad hoc society will be created for each non-final plot on which the company decides to invest. AEDAS Homes will have a minor share on each vehicle (around 10%) and will hold a purchase option over a share of the plots included in each development.

AEDAS Homes will be responsible for managing these societies whose goal will be the urban transformation of the plots until they become finalist plots.

This new investment strategy will allow AEDAS Homes to integrate these new plots in its balance in the future using two formulas: converting its share on the vehicle into parcels and also, by exercising its ROFO or Right of First Offer over a share of the assets once the necessary planning permissions are granted.

The estimated investment for this project is 15 million euro during 2019 and the selected locations are Seville, Madrid, and Valencia. 

«Thanks to this deal, we guarantee a mid and long term provision of plots through controlled risk operations, without penalizing the return over the capital invested. This operation will allow us to acquire plots in magnificent locations and under favourable conditions for AEDAS Homes», explains David Martínez, the real estate company’s CEO.