Whiteni buys two plots of land from Madrid City Council for €4.5M

Whiteni buys two plots of land from Madrid City Council for €4.5M

The Euronext Paris-listed socimi has invested 4.5 million euros in the purchase of two plots of land from the Madrid City Council to develop free residential development.

More specifically, the socimi has acquired a plot at number 33 Sánchez Preciado Street for 3.1 million euros, where it will build a high-rise building with a total of twenty homes. The company has also acquired land for 1.4 million euros at number 9 Calle Duranzo Buenavista, in the Carabanchel neighbourhood, to build a development of eighteen homes. The investment in construction is not included in both projects.

Whiteni's plans are to develop mid-range homes for sale on the two plots, with a focus on local buyers. The socimi considers that there is a large residential deficit in a city like Madrid. "We are interested in continuing to invest in housing for sale," the group says.

The company's commitment to residential property comes after the sale last year of three office buildings in the Fuencarral district (Madrid) to a US family group for 19.3 million euros. The properties total 14,000 square metres and are close to the urban development of the Clesa factory being promoted by the Madrid City Council.

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