Grupo Inmoglaciar, one of Spain's largest residential developers, controlled by US investment fund, Cerberus, is investing €95 mln to build 600 homes in the Granada region.
The residential project, which is set to take shape in an urban area to the north of the city known as Nueva Granada, is dubbed Glaciar Neuva Granada.
Located on calle Maria Amaya La Gazpacha, near to Granada University, the first phase of the scheme will see 184 two, three and four bedroom homes built, with an initial 59 properties now on the market.
'Glaciar Nueva Granada is a sign of our belief in the broad development potential of this city. With this project, our objective is to consolidate Granada at a residential level, offering a design product with the highest quality that responds to the growing demand for new construction housing in the area,' said Ignacio Moreno, Inmoglaciar's CEO.
Inmoglaciar acquired the development plot in Granada covering 63,500 m2 of space in August 2018. The project is part of its expansion strategy in Andalusia, where it already has other projects in the works including Residencial Playa Granada in Motril and Medina Azahara Glaciar in Córdoba.
Cerberus, one of the largest landlords in Spain, acquired a majority interest in Inmoglaciar in December 2017. Inmoglaciar's founding partners, the Moreno family, have retained a stake in the firm.
