Mazabi, a company specialised in the management of real estate family assets, and Myjoja Inversiones, a company specialised in the purchase of terrains under management for its subsequent transformation and sale, have formed a joint venture with the strategic objective of, first, investing 40 million euros in the acquisition of new land developments within the main cities of Spain.
This joint venture has already generated Atalaya Desarrollos Urbanísticos, an investment vehicle which will channel all these operations and which has, so far, already carried out three operations in new urban developments within Madrid’s metropolitan area, in: Berrocales, Cerro del Baile and Los Ahijones.
«Our goal is to invest in the purchase of terrains and modify them, with the aim of obtaining plots suitable for development», explained Juan Antonio Gutiérrez, CEO at Mazabi, a company which will be responsible, together with Myjoja, for the management of this new investment vehicle. «We have already closed the first three operations in Madrid, but our idea is to undertake new operations within other areas in Spain, such as Barcelona, Malaga, Valencia, Costa del Sol and Mallorca, where we have detected a lack of both demand and stocks of terrains ready to be developed», he said.
For Javier Gómez, CEO of Myjoja, «our experience of more than 30 years in the acquisition and development of real estate assets and our know-how of the local environment will allow Atalaya Desarrollos Urbanísticos to create a diversified portfolio of modified terrains quickly. We have also identified new projects on the pipeline, which we have been studying and we will increase our terrain portfolio, by adding new locations», concluded the Myjoja executive.
Controlled risk and maximum profitability
Atalaya Desarrollos Urbanísticos is particularly focused on locations with a need for urban terrains available for construction, where there is continuous demand for housing development and also a growing demand for rental properties (Build to Rent). Its investment is focused on the acquisition of terrains, modifying them and urbanisation, so as to make those terrains available to developers, builders and cooperative managers wanting to develop their building projects in these spaces.
The creation of this joint venture is part of Mazabi's strategic objective of completing and diversifying its portfolio of assets, focused mainly in the hotel, shopping centres, retail, offices and housing segments. Its investment strategy is based on diversification, controlled risk and maximum profitability.
In fact, the company recently announced the incorporation of Ignacio Bezares del Cueto as managing partner for the housing area. An appointment aimed at boosting its activity in the housing segment, where it intends to increase its
activity of housing development and renewal of unique buildings, as well as to cater to the new models of shared housing.