Kronos invests €700M in new developments in Madrid, Barcelona and Algarve

The developer has acquired three plots of land located in Madrid, Barcelona and the Algarve (Portugal), representing an investment of 700 million euros, according to a statement issued by the company.
 
In Spain, the investment amounts to 200 million euros and translates into 200,000 square metres of buildable land and a construction capacity of 1,600 homes. In the Algarve, the planned investment is 500 million euros and 460 homes are planned.
 
In Los Cerros, Kronos Real Estate Group has acquired 120,000 square metres of buildable land with the capacity to develop 930 homes, representing an investment of 82 million euros. This new neighbourhood in the south-east of Madrid is one of the major developments that is transforming the Spanish capital, and is also set to become the greenest new residential area in the capital.
 
In Barcelona, specifically in Sant Pere de Ribes, adjacent to Sitges and Vilanova i la Geltrú, the group has invested 127 million which has translated into 80,000 square metres and a development capacity of 662 homes. In this area, they will also operate with their built-to-sell brand, Kronos Homes, through the residential project, which begins construction at the end of 2023 and will have 124 homes in its first phase. In addition, they will have a presence in the built to rent market through their Stay by Kronos brand, a joint venture with Nuveen, with the development of 302 rental homes.
 
With regard to Vale do Lobo Golf & Beach resort in the Algarve, Kronos has planned 460 homes, including flats, townhouses and plots, of which 237 are for the new expansion phase called Vale Real, and another 120 for the Vale de Santo António area. In addition, the project also includes a five-star hotel with 126 rooms and 30 branded residences. The remaining 103 units will be located in the existing Vale do Lobo development. This 10-year project has involved an investment of 500 million. "These strategic investments and operations focus on the residential future of Spain and Portugal, reinforcing Kronos Homes' commitment to the growth of key cities by bringing innovative solutions to the housing market," explained Rui Meneses, CEO of Kronos Homes.