Azora, a real estate investment management company, has acquired 1.1 million square meters of land to build affordable housing in Valdecarros. The latter is considered the largest urban development project in Spain and one of the largest in Europe. Thanks to this acquisition, Azora has become one of the largest private owners of this Madrid city complex.
Valdecarros is part of the so-called "south-eastern strategy" of Madrid. This is an ambitious urban development plan that provides for the construction of more than 51,000 residential buildings, 55% of which will be subsidized by the state. There will be more than 7 million square meters of green spaces, which is equivalent to 6 parks of Buen Retiro. The project will accommodate over 150,000 residents, which is equivalent to cities such as Santander or Logrogno.
This acquisition by Azora is part of the company's intentions to create and develop the affordable housing sector, which should be a proactive response to the problems: the lack of housing on the market, its high cost, including due to rising prices for building materials, falling incomes of the population who can afford to spend less money on housing.
Javier Rodriguez-Heredia, Managing Partner in Real estate at Azora, emphasizes: "This important acquisition made by Azora once again demonstrates that the company remains committed to socially responsible investments that offer real solutions to the problems of affordable housing and basic social infrastructure for the well-being and development of the Spanish population. Such prosperity is the key to its growth and competitiveness."
Luis Roca de Togores, Chairman of the Remuneration Committee in Valdecarros, said: "Azora's investments confirm confidence in the local real estate market, which has begun to develop. It is important for us to have an investor with recognized professional qualifications, a leader in real estate both in Spain and in Europe."