The company Kronos Homes, dedicated to real estate development, continues to advance with its promotion in the real estate megaproject in the southeast of Madrid, ‘Los Ahijones’. The company led by businessmen Saïd Hejal and Rui Meneses launched a new partnership to move the more than 1,000 homes that they intend to build on the land they acquired just over a year ago. The entity that goes by the name ‘Ahijones Developments SL’ has as its objective the purchase, sale, rental, subdivision and urbanization of plots, land and farms of any nature.
Los Ahijones, which have also been supported by the giant Goldman Sachs, is one of the most prominent plans of Kronos, who joined the initiative a few years ago. They currently have a 10% stake (same percentage as La Llave de Oro), while Pryconsa has almost 20%, and Habitat Inmobiliaria and Iberdrola Inmobiliaria have also joined as promoters. Through the acquisition of land of more than 100,000 square meters, Kronos reinforced its plan to be in the east of Madrid.
From the company they indicate to La Información that their plan is to “continue with the strategy of developing neighborhoods, in this case in the eastern sector of Madrid, which are the large short-term land bank in the city and will be able to provide product in sale and rent at competitive prices.” At the moment the company also has land in Los Berrocales, Los Cerros, El Cañaveral and Valdecarros.
In order to manage these lands, the company launched to create companies that bear the names of the projects. This Tuesday Kronos has informed the Official State Gazette (BOE), the appointment of various proxies for ‘Acijones Developments’. For this, it has chosen current representatives of the promoter, and among them is the treasury director, Álvaro Quintano; one of the main partners of the firm, Manuel Holgado; the legal adviser, Belén Molina; the director of strategy and analysis, James Andrew Cook, and the chief financial officer (CFO), Oscar Herráez.
The purchase of this land cost Kronos around 50 million euros. The parcels they acquired belonged to Coral Homes, the manager of the Lone Star fund, a private equity firm that advises funds that invest globally in real estate, equity, credit and other financial assets. Thus, the promoter took over a piece of land of about 100,000 m2 of land where it will build the more than 1,000 units it proposes. With that money, he also bought another 85,000 square meters of building space from Lone Star to build 500 houses in Pocillos.
The idea of Kronos is to continue with the strategy of developing neighborhoods specifically in the eastern sector of Madrid, where the Los Ahijones megaproject is located.
The ‘megaproject’ that seeks to develop the southeast of Madrid, has an area of more than 570 hectares where almost 19,000 homes will be built. Currently the first stage is almost complete and the organization intends to start marketing at the end of summer. Therefore, after August, it is expected that the different promoters will be able to request a license from the Madrid Community Council and begin to market the spaces. Spaces will be implemented to see the first offers ‘in situ’ and those interested will be able to start reserving these homes.
Up to now, that first phase is just over 63% complete and the other five stages are expected to be completed in seven more years. According to the manager of the project’s compensation board, Raúl Baz Terrón, if the production rate is maintained, in 2030 Los Ahijones could be a one hundred percent reality. Of the six total faces, four of them are for residential areas and two for industrial and tertiary uses.
For its part, Kronos explains that they are still evaluating which plots they will dedicate to promoting with Kronos Homes, properties that will go to rent with Stay (its joint venture with the American fund Nuveen), and in subsidized housing plots “we will partner with specialists so that can develop them and put them on the affordable housing market. Likewise, we are evaluating continuing to invest in these developments”, although for the moment there are no new movements, they declare.