Rusvel has once again invested in land, this time buying 3 plots of land to build nearly 500 homes through RGI, its real estate development division. With this move, the Sevillian construction company is making its debut in real estate in Extremadura with 210 multi-family homes in Mérida and a further 287 in Puerto de Santa María in Cadiz, according to ABC's newspaper.
The plots are being sold by the Lone Star fund, whose large portfolio of assets comes mainly from Caixabank. On this occasion, the fund is selling through the real estate company Coral Homes, the selling party in this operation which amounts to approximately 65 million, between the acquisition of the land itself and the necessary construction works.
Specifically, Rusvel has purchased three plots of land in El Puerto de Santa María and Mérida, a market with which it is embarking on a new phase with a project of more than 200 units in the Prado area.
In El Puerto de Santa María, Rusvel already has other developments. They are located in the Bay of Cadiz, 'Las Salinas', with 131 multi-family homes developed in Puerto Real. The project, which was also purchased from Coral Homes, has different phases: 77 units in the first phase, which will be delivered at the end of 2023, and another 54 units in the second phase, which is scheduled for mid-2024.7
Through its subsidiary RGI, Grupo Rusvel will have more than 700 homes on the market by 2023. The company is also carrying out various single-family developments in La Algaba (Seville) and Sanlúcar de Barrameda.