Azora and Naiz Homes have finalized the acquisition of Nueva Marina Real Estate, the company owning the La Térmica development in Málaga. Previously owned by Ginkgo, Aedas Homes and Constructora Sanjosé, the project is now entering a new phase as one of the largest urban regeneration schemes on the Spanish coast.
The transaction, completed on 30 June, ranks among the leading corporate deals involving residential land concluded in Spain so far in 2026. The financial terms have not been disclosed.
The site occupies the land of Endesa’s former thermal power station in the Carretera de Cádiz district and has a total developable area of over 120,000 sqm. Plans are in place to develop around 870 homes on this land, alongside hotel, commercial and community facilities.
Nueva Marina Real Estate comprises the R3 and R5 residential plots, which together offer more than 61,000 sqm of buildable area and will allow for the construction of nearly 600 homes on the seafront. R5 is already under development, while R3 will form the next residential phase.
The sale follows the achievement of the project’s key urban development milestones, with the Land Reallocation Plan registered, the Urban Development Plan approved, and the urban development works currently being carried out by Constructora Sanjosé. The decontamination of the former industrial sites and the relocation of the electrical substation have also been completed.
For Ginkgo, the transaction marks the end of an investment cycle focused on the urban planning, environmental and technical management of the site. Guillaume Ribet, CEO and partner at Ginkgo Advisor, noted that the firm has worked to transform a former industrial site into “one of Spain’s most promising residential developments”, having achieved the milestones that allow a new phase to begin.
Catella acted as exclusive adviser to Ginkgo and Pérez-Llorca provided legal advice to the seller. On the buyer’s side, Gómez-Acebo & Pombo, Garrigues, Colliers and BSK were involved.
