AQ Acentor will develop 1,300 homes in Valencia01 October 2018
The urban planning operation has a total cost of over 350 million euros and is the most important in the sector for the Aquila Group in 2018
The property developer AQ Acentor, created recently as a division of the German investment fund manager Aquila Capital, has closed a 350 million euro urban planning deal in the town center of Valencia. The development consists of 1,300 homes to be built on a site located between the Hospital de la Fe and the V-30 and V-31 roads.
The development has a buildable area of 232,000 square meters. AQ Acentor will use 130,000 of these meters to build a nine residential developments in all, four for social housing and five unsubsidized. A total of 544 social housing units will be available for sale.
There will also be 79,000 square meters for commercial, hotel and non-residential uses, 308,000 for green areas and educational, cultural and sporting facilities, and 33,000 for a large urban park. The new neighborhood will be served by bus lines, bike lanes, a Renfe train stop and light metro.
First units in 2021
The land was officially purchased last July and the basic project is in the final stages with a view to applying for the license before year-end. The works can thus begin in early 2019 and the first units will be delivered in the fall of 2021.
According to Sven Schoel, CEO of AQ Acentor: “This project represents the start of our activities in Valencia, following our strategy of growing beyond Madrid, Barcelona and Malaga. The creation of this new neighborhood is also in line with our philosophy of creating sustainable projects and seeking to integrate them within the expansion of towns and cities”.