US-backed firms Aedas and Vía Célere have joined forces with Spanish housing developer Kronos to acquire a significant plot of land for residential development in Madrid at public auction.
The asset was sold by the creditors of the now-bankrupt real estate developer Proinsa for €46 mln.
Dubbed La Fortuna, the 8,305,818 m2 estate, situated to the southeast of Madrid, is the largest single site to change hands in the capital for several years, according to reports. It forms part of the troubled Los Berrocales development that was put on hold when Proinsa's owners filed for creditor bankruptcy.
The three developers, who bid jointly for the asset, suggested that around 2,500 of residential units could be constructed on the plot.
Aedas, which is controlled by US fund Castlelake, made its Madrid stock market debut in 2017. US alternative investment firm Värde Partners bankrolls Vía Célere.