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Kronos acquires land to build 1,600 homes in Madrid and Barcelona for €200 million

Kronos, the dynamic real estate group led by Saïd Hejal, continues to accelerate its investment in land for housing construction, in stark contrast to other major developers that have slowed down their investments. Recently, the group has strengthened its presence in Madrid and Barcelona with acquisitions worth approximately 200 million euros, according to internal sources. 

 

In its first acquisition, Kronos has obtained land in the future Los Cerros district of Madrid for €82 million. This purchase gives it access to a land bank that will allow the construction of 930 homes. Saïd Hejal highlighted the attractive urban planning of Los Cerros, underlining its modernity and abundant green areas as key reasons for the investment. Los Cerros is part of the South East Strategy, together with El Cañaveral, Valdecarros, Los Berrocales and Los Ahijones. This urban plan foresees the construction of 14,276 homes, and has already attracted leading companies such as Vía Célere, Vía Ágora, Metrovacesa and Aurquia. 

 

In addition to the Madrid acquisition, Kronos has invested $127 million in 80,000 square metres in Sant Pere de Ribes, Barcelona, which will allow it to build 662 homes. This town is strategically located between the coastal towns of Sitges and Vilanova i la Geltrú. Kronos Real Estate, the investment arm of the group led by Hejal, is one of the emerging companies in Spain, which emerged in 2015 amid the recovery of the residential construction sector. The developer brand Kronos Homes has been noted for its collaboration with partners. 

 

Kronos is expected to deliver 1,200 homes this year, a significant increase on last year's 700, consolidating its position as one of the sector's leading companies alongside Aedas, Neinor, Metrovacesa, Habitat, Vía Célere, Culmia and Amenabar. In addition to its construction projects, Kronos has the Stay by Kronos brand, a rental platform in collaboration with the US fund Nuveen, with the aim of building 5,000 homes for rent in Spain. 

 

The land acquired in Los Cerros and Sant Pere de Ribes will also be partially used for build to rent. In the future Madrid neighbourhood of Los Cerros, Kronos has not yet decided on the percentage that will be dedicated to rental. Kronos already operates more than 460 homes under the Stay brand in various locations, including Tarragona, Cordoba, Torrejón and Valencia. The company plans to open its first building in the El Grau neighbourhood of Valencia in the first quarter of 2024, with 331 units. It has also landed in the future Madrid neighbourhood of Los Berrocales with the Stay brand, with a planned first phase of 380 homes and a second phase of 446 homes.