Insur and the Cosentino family have acquired from Inversiones Inmobiliarias Canvives – a company in which Blackstone and Banco Santander hold stakes – more than 40,000 sqm of residential development rights on the former site of the Hytasal textile factory, in the south of Seville, as reported by El Conciso.
The urban development plan spearheaded by Insur envisages the construction of three buildings comprising a total of 436 homes. These buildings will vary in height, ranging from three, 10 and up to 28 storeys, with the latter being the most iconic of the planned complex. Under current planning regulations, building heights of this kind are permitted under the Special Plan for Inner-City Regeneration approved for the area, which makes the project’s vertical layout feasible.
The project will involve the demolition of several industrial buildings that are not listed as heritage sites. However, the building designed by the architect Aníbal González, situated on an adjacent plot and used for commercial purposes, will be preserved, thereby introducing an element of conservation into the transformation of the area.
The transaction was carried out through the company Hytasa Living, linked to the project’s management and involving representatives from the business communities of both parties.
Before finalising the purchase, Insur had notified the Spanish National Securities Market Commission of the creation of specific corporate vehicles to manage the acquisition. These companies, IDS Hytasa Living and IDS Hytasa Residencial, were set up to facilitate the purchase of several plots within the Hytasal area.
