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VARP buys urbanisation on which it will invest a total €200M
16 March 2020 | Vanessa Sousa

Spanish VARP wants to develop a housing mega-project located in Penya Roja de Pego, which has been stagnated for more than 10 years and announced a total investment of 200 million euro, which includes the purchase of the 800 thousand sqm terrain.


Photo collected from newspaper Levante

The terrain already has the structures for several dwellings built on it. In total, 1.200 are expected to be delivered and should start being marketed in the Summer of 2021, according to regional newspaper Levante. According to VARP’s calculations, this urbanisation should be concluded by the end of 2022. Besides the dwellings, the project also includes services, green areas and a 350 thousand sqm sports area.

The deal was closed with Martinsa Fadesa, the real estate company which started the project and it is already considered one of the largest operations of the last 10 years to be carried out in the region.

For VARP, which specialises in developing, constructing and marketing dwellings, this acquisition is part of its current strategic plan to develop the company.