The real estate developer Neinor Homes will invest 236 million to build 869 homes and 14,358 m² of commercial space in the Strategic Residential Area (ARE) that is being built in the old Montesa factory in Esplugues de Llobregat.
Borja García Egocheaga, CEO of the firm, explained that this will be the largest promotion undertaken to date by Neinor, which acquired the land three years ago from the family-owned property developer Ruve. The investment, he explained, includes the purchase of land and construction. The urbanization works of the land have already begun and those of the buildings (ten in total) will begin before the end of the year.
Garcia pointed out that 467 homes will be for sale and 402 for rent. In this modality, 70% (280) will be social rental housing. Neinor will keep part of the rental housing, which will be managed by its subsidiary Income Guaranteed. “Our platform already manages 4,600 rental homes, of which 580 are ours, build-to-rent projects in buildings that we reserve, because growing in the rental business is one of our strategic priorities and we want to reach 4,000 homes in 2024” , he assures. The firm, he acknowledges, in a second phase could sell those already rented buildings to investors. "Managing the rental gives us very valuable knowledge to design those buildings, the characteristics of the flats or the common areas, for example."
Neinor has 43% of the building area of the ARE Montesa, within a consortium in which the other owners are the Esplugues City Council and the Generalitat, who will build 1,236 protected homes on their respective plots.
In total, the ARE Montesa has a surface area of 11 hectares, of which 70% will be used for facilities, green areas and roads. The new neighborhood will provide the city with 2,105 new homes, of which 1,059 will be officially protected and more than 46,542 m² of buildings for commercial use and services such as a new Esplugues local police station, a civic center and a private hospital .
Joaquim Manich, territorial director of Neinor in Catalonia, explained that the company has begun this week to market the first residential building, which will have a price starting at 370,000 euros for three-bedroom apartments. “We already have 5 reservations. Due to the location, next to Barcelona, the characteristics of the houses (with a leisure area on the roof of the building) and the community facilities such as swimming pool, gardens, barbecue area and playgrounds, it is a unique project”.
