The construction Saint Joseph reveals in its latest quarterly results the amount of the contract in its history in Madrid: 330 million euros to build affordable rental housing.
The company controlled by Jacinto Rey was awarded in October the construction of 3,600 homes at Housing Plan of the Community of Madrid (Plan VIVE), one of the president’s star projects Isabel Diaz-Ayuso.
The Spanish group reported on Thursday, at the close of the market, its latest quarterly results. In the Order Portfolio section, it points out that, at the end of the third quarter of fiscal year 2021, su total portfolio amounts to 1,857 million of euros. And he adds that said amount does not include the award in the Community of Madrid of the 3,600 homes “for an amount of 330 million euros“.
The American fund Ares is associated with San José and the promoter Aedas in the construction of rental housing
The Community of Madrid presented the VIVE Plan in January, with the aim of putting up to 25,000 homes over the next eight years, 15,000 of them during the current legislature. The total planned investment, as announced at the time, is 700 million of euros.
The autonomous community has 1.2 million square meters available in 43 municipalities. The plots will be awarded through administrative concessions in the public domain to third parties, who will promote the housing under lease.
In a first award process, last October the American fund Ares was carried out with the construction project of those first 3,600 homes, for which it has partnered with the construction company San José, and also with the developer Aedas.
San José maintains a 10% stake in Operation Chamartín
The US fund ensures that most of the homes it builds in Madrid will go on the rental market with a price less than 700 euros.
Strong presence in Madrid
The San José Group is growing strong in Madrid. Not only does it still control 10% of the largest urban project contemplated in a large European city -the Operation Chamartín-, but is increasingly present in all kinds of works in the capital.
Only in the third quarter of the year, the company has been awarded the refurbishment works of a building owned by Merlin Properties, in the Plaza Carlos Trías Bertrán; building a new “administrative building“, composed of 321 offices, with storage rooms, garages and swimming pool, in San Sebastián de los Reyes; and the construction of a three-star hotel for the Holiday Inn Express brand, near the airport, with seven floors, 156 rooms, outdoor pool, parking and garden area.
Grupo San José has entered 678 million euros in the first nine months of the year (1.6% less than in the same period of the previous year) and has earned nine million (1.1% more). The company is owned by Jacinto Rey by 48.29%.
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