Aurora Homes has acquired a portfolio of residential land in Los Berrocales, Madrid, from Aliseda to develop 300 affordable homes for sale. The project will involve a total estimated investment of €100 million.
The land purchase transaction has been finalised for €21 million and includes an agreement whereby Aliseda will market the homes through its Excent platform.
The land covers more than 25,000 sqm and is spread across two plots located in phases 2 and 6 of Los Berrocales. Construction work on the first developments is scheduled to begin in 2028, whilst the homes are expected to be handed over from 2030 onwards.
Ignacio Moreno, CEO of Aurora Homes, noted that the acquisition enables the company to “develop a significant volume of affordable housing in a location with strong growth prospects in Madrid”. For his part, Eduard Mendiluce, CEO of Aliseda, stated that marketing through Excent will provide the project with a platform “with extensive reach to the end customer”.
With this project, Aurora Homes will have more than 1,600 homes under development in the Community of Madrid over the next seven years, with a focus on new urban development areas. In Nuevo Brunete, the company is developing more than 300 social housing units. In south-east Madrid, it plans to build more than 600 homes in Los Berrocales and 675 in Los Cerros, of which 305 form part of a social housing rental project that it will develop on a turnkey basis for Barings.
