Spanish property giant Metrovacesa has put around 19% of its total land bank worth some EUR 500mln up for sale as part of its new strategy of focusing on income-generating assets.
Spanish property giant Metrovacesa has put around 19% of its total land bank worth some EUR 500mln up for sale as part of its new strategy of focusing on income-generating assets.
The Spanish company, which is controlled by the Sanahuja family, is disposing of a total 590,000 m2 of build-on land located across nine plots in the cities of Madrid, Murcia, Cádiz, Castelló, Seville and Alicante. The company has created a new section on its website to market the land, including a call centre.
The sites have building permits for residential and services uses. Metrovacesa's total land portfolio consists of 3.16 million m2, worth around EUR 1.9bn.
Under the company's strategic plan for 2008-2010, large sales of land are envisaged alongside a focus on income-generating assets.
