Pryconsa has purchased two plots of land in the north of Madrid, on which it plans to build up about 200 homes. Both land plots are located on the Island of Chamartín, between the Madrid Chamartín railway station and the new Madrid Nuevo Norte development, which had been put up for sale at an auction by the Madrid Court of First Instance No. 92 in late July.
The major real estate developer in Madrid will pay roughly €30 million, up 18% from the starting price of just over €25.5 million.
This deal is crucial for Pryconsa, given the current acute shortage of land in Spain’s capital. With these plots, Marco Colomer’s firm will expand its balance sheet at a time when the entire industry is focused on managing pending land plots to ensure future activities.
Being a pioneer developer in Madrid, Pryconsa was founded in 1965 and was one of the fortunate few who survived the housing bubble burst in 2008. The company's solvency allowed it to complete essential real estate transactions and engage in some of the most critical processes during the crisis, boosting its presence in the Madrid housing market.
For example, it attended an auction organized by the Ministry of Defense at the end of 2014 to bid for the famous land plot in Raimundo Fernandez Villaverde street and for the Cuatro Caminos metro station put for sale by Metro de Madrid.
It also competed for the building on Paseo de la Castellana 14, as well as for a plot of land next to El Retiro Park sold by the Royal Mint of Spain, just to name a few.
Among the most outstanding transactions that have been completed, there is the purchase of one of the land plots in Operación Mahou-Calderón and Madrid Nuevo Norte, which is set to become the city’s largest residential development project underpinned by burgeoning housing demand.
In addition, Pryconsa holds strong positions in neighborhoods to the southeast of Madrid, including Los Ahijones, Valdecarros, and Los Berrocales. It is also one of the major landowners in Arpo and Montegancedo and two large plots of land in Pozuelo de Alarcón, a municipality with one of the highest average per capita incomes in Madrid.