Ikasa is starting the engines to initiate its growth plan. The Madrid developer expects to develop 40.000 sqm for tertiary use in the coming eight years: half of the future developments, 20.000 sqm, will be retail parks, according to EjePrime.
The projects, located on the Northwest of Madrid, are at different development stages and in some cases have already signed deals with different operators, some of them in the food segment. The company announced in 2018 it had an investment plan which included investing 90 million euro until 2026, but the pace has accelerated. «Of the ninety million euro until 2026, we have committed around sixty million euro, so that the remaining thirty million euro to be invested until 2026 will be spent and increase», explained Haryán Rodríguez, the managing director.
Nevertheless, the company has a conservative strategy in terms of investment. «We will only buy if the offer is good, debt is practically zero at the company», remarked Rodríguez. Nevertheless, during the last few months, due to Covid-19 and to price saturation, «opportunities are presenting themselves».
Housing branch
Another of the company’s lines of business is through its coop Ikasa Class, established in 2018 following an association with the ex-founding partners of Cooperativas Singular. The company’s housing branch has 200 dwellings and plans to develop a further 600 in the coming years.
When the pandemic hit, the company had two assets being marketed: the development located at Méndez Álvaro, which is currently 70% sold and the Tres Cantos development which currently has 70% of its assets committed.
The coop management company is developing a project with 104 dwellings in Tres Cantos (Madrid) and expects to obtain the terrains Adif will auction, an asset which is attracting other coops such as Grupo Domo, Grupo Ibosa and Libre Getión.
Ikasa bid for one Adif’s terrains with an initial offer of 21.5 million euro. The parcel IKasa is interested in has 2.484 sqm and a buildability of 9.736.3 sqm for residential use, with the possibility of building more than 100 dwellings.