Spanish company Ádsolum, owned by real estate servicer Altamira doValue, has signed a new land acquisition deal in Malaga for €37 mln as part of its new BTR vehicle.
The land will be used to develop a multipurpose project with two independent buildings, with construction scheduled to being in early 2024.
A 10,000 m2 residential building will consist of 108 free residences and a 1,000 m2 retail area on the first floor, while a second 7,700 m2 13-story high building is intended for office or hotel use.
Ignacio Ramírez, CEO of Ádsolum, said: ‘We are very pleased to add this new transaction to our BTR vehicle and add it to those closed at the end of the year in Barcelona. These three operations increase our perimeter, which has 33 developments under management and more than 1,700 new homes. Our commitment to Malaga is due to its enormous potential for real estate development and to respond to the significant structural deficit in the residential sector. In addition, Malaga is becoming the Spanish capital with the greatest attraction for real estate investment. The economic growth that the city is experiencing, its technological development and the high return offered by the assets in the area are just some of the reasons why real estate capital is betting on Malaga to invest.’
The land is located on the old Cádiz road, next to the Los Guindos neighborhood, near to other well-known development areas such as Torres del Río and La Térmica.
It has direct connections to the center of Malaga, the airport and access to the main roads that connect the city.
With this new acquisition, the company has completed three major transactions in the last two months, totalling €75 mln and increasing assets under management by 257 units.
