Press release

AEDAS Homes to acquire

Áurea Homes for €54 million

  • The transaction, framed within the new AEDAS Homes strategic growth plan, involves the purchase of a high-quality land bank, along with works in progress, for a total of 679 units in Madrid, Pamplona, the Bilbao area, Seville and Valladolid.
  • David Martínez, CEO of AEDAS Homes: "This integration-which will contribute towards our growth with a selection of high-quality plots and projects and further expand our capacity, especially in the north of Spain-comes at an optimal time for our company".
  • Michel Elizalde, CEO of ACR Group: "This transaction is a strong confirmation of the quality of the Áurea Homes team and its landbank, and it will allow ACR to focus on its construction business, where we are taking significant steps in developing offsite projects".

July 2021.-AEDAS Homes, a leading listed Spanish homebuilder, has acquired a broad selection of assets from the real estate division of Spanish construction company ACR Group, which markets its residential products under the Áurea Homes brand, for €53.7 million (€50 million in purchase price plus €3.7 million in expected future disbursements related to the projects being acquired), thus further consolidating its position in the Spanish residential development market. This transaction involves the purchase of a selection of plots of excellent ready-to-build land and works in progress for a total of 679 units, as well as the integration of the Áurea Homes team, which will contribute its outstanding real estate know-how to AEDAS Homes.

Firstly, the selection of assets made by AEDAS Homes comprises a portfolio of ready-to-build plots to develop 512 units: four plots in Madrid (374 units); two plots in two different sectors in Pamplona (98 units); and one plot in Seville (40 units).

"As AEDAS Homes is already present in these areas and has a number of ongoing developments, we have total confidence about the success of these new projects", stressed

David Martínez, CEO of AEDAS Homes.

Press release

Secondly, AEDAS Homes is requiring a stake in 8 works in progress that will contribute an additional 167 units, distributed among Madrid (46 units), the Bilbao area (31 units), Pamplona (16 units) and Valladolid (74 units).

"This integration, with its selection of high-quality plots and works in progress, will contribute towards our growth and will further expand our capacity, especially in the north of Spain. One of the key elements in this transaction is the advanced level of progress in the perimeter of the selected assets, which will give us return on investment in the very near term, increasing value generation for our shareholders", Mr. Martínez explained.

"We are extremely satisfied to have formalized this agreement with AEDAS Homes. The transaction makes great strategic sense, given that the Áurea Homes team's ample experience in real estate development and its excellent landbank will add great value to the future of AEDAS Homes", highlighted Michel Elizalde, CEO of ACR Group.

"Furthermore," Mr. Elizalde added, "this transaction will allow ACR to focus on its construction business, where we are taking significant steps in developing offsite projects within a pioneering collaborative framework".

About AEDAS Homes

Spanish residential developer AEDAS Homes went public in 2017 and has put over 10,000 units on the market in its first five years. As Spain's leading homebuilder, the company plays a critical role in fostering professionalism and adherence to rigorous standards in the residential development sector.

The company has a fully-permittedlandbank to build around 16,500 homes in Spain's major economic centres and dynamic residential markets: Madrid, Catalonia, the East & Balearic Islands, Andalusia, Costa del Sol, and the North.

For more information:https://www.aedashomes.com/en

About ACR Grupo

ACR Group offers comprehensive construction and development services. With a workforce of close to 400 employees, it operates across Spain, with a strong presence in the Centre and North. Backed by nearly 50 years of experience, ACR Group is noted for its innovative spirit and sense of collaboration. The company has built more than 31,000 homes as well as a variety of non-residential projects, such as offices, industrial buildings, hotels and health facilities. Additionally, it has developed and delivered more than 6,000 homes in Spain.

Contact information:

AEDAS Homes Communication Jorge Salido Cobo jsalido@aedashomes.com

+34 91 048 90 06 / +34 674 18 76 46

Contact information:

ACR Group Communication Ana Melgar amelgar@acr.es

+34 672 68 15 42

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Aedas Homes SA published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 09:18:05 UTC.