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Acciona Real Estate buys land in Madrid Nuevo Norte and joins other real estate companies in the development

Acciona Inmobiliaria joins the urban development project in Malmea-San Roque-Tres Olivos. The project is now formed and invested by several important real estate companies such as Adif, Aedas Homes and Pryconsa. In addition, several developers are still in negotiations to buy land within the development, which was approved in February by the High Court of Justice of Madrid, giving legal certainty to the project.

400,000 square meters will be destined to green areas and it is expected that this construction giant will have 10,500 homes. In Fuencarral, the Malmea-San Roque-Tres Olivos area has almost 1.03 million square meters, being the area with the largest amount of land in the development. Of the 965,321 square meters of buildable area, 714,338 will be used for housing. There will be approximately 7,000 units. The Business Center will house 2,600 homes and Las Tablas Oeste will house about 750.

At the moment the project has 800 owners, most of which are small private individuals, so the property is very dispersed with respect to the owners.

Some 76.65% of the land will be for public use and ownership, and the Business Center will have the tallest building in Spain, with a height of 300 meters.

The entity with the largest percentage of land is Adif, which owns 25.3% of the area. However, there is a possibility that it will pass into the hands of CreaMNN, the developer of the project backed by BBVA, Merlin Properties and Sanjose, before the end of the year.

Other owners of the land are the Madrid City Council (12%), Canal de Isabel II (8.9%), the Community of Madrid (3%), and the Ministry of Development (0.8%). The remaining 50% belongs to the smaller owners and as the development will require large investments, it is likely that they will cede their land, because it is not an investment capacity that they can afford.

Developers Aedas Homes and Pryconsa have been involved in the project since 2021 when they purchased land.

What stands out about this development in Madrid is that it is expected to be 100% sustainable, as it will create its own ecosystem through a network of parks and naturalized spaces to provide biodiversity and regulate microclimates. In addition, it will be committed to mobility on foot, bicycle or public transport.