Metrovacesa has successfully completed the acquisition of 600,000 square metres of land in the Los Cerros area, located in the new neighbourhoods of southeast Madrid. This land, until now owned by Sareb, offers a construction capacity of 1,200 homes, which, in combination with the land Metrovacesa already owns in the area, will result in a total of 2,800 residential units in Los Cerros. This move will consolidate Metrovacesa as the company with a pre-eminent presence in the emerging residential area of southeast Madrid.
Development work on Los Cerros, part of the Desarrollos del Sureste de Madrid, began in July last year. The first stage of development, with a completion period of 16 months, began in September 2022, following the completion of the award process led by the Junta de Compensación. This board has majority owners such as Vía Célere, Vía Ágora, Metrovacesa and Sareb. Construction of the first homes is expected to begin in the last quarter of 2023, followed by the second and third phases, each with a completion period of eighteen months.
The Los Cerros development, which will cover an area of more than 4.7 million square metres, aims to build 14,276 homes, half of which will be available at limited prices. This ambitious project will require a total investment of more than 3 billion euros. In addition, Los Cerros will stand out for its combination of residential use and economic activities, which will represent 30% of the total use of the area. It will also become the development in the south-east of Madrid with the largest amount of green areas, covering 170 hectares in total.
