AEDAS Homes has seen an increase of 7.5% in the value of its assets in the past year
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- The growth in the developer’s like-for-like Gross Asset Value (GAV) reflects the quality and the unparalleled locations in its landbank, which now has land for close to 15,000 units
- In 2018, the company acquired land to develop an additional 2,600 homes, at an average cost of €49,000, in line with its returns-focused strategy
February 2018- AEDAS Homes, a leading residential developer in Spain’s new real estate cycle, closed out 2018 with a 7.5% increase in its like-for-like Gross Asset Value (GAV) over the 12-month period, a figure that reflects the increase in the valuation of the company’s land bank, based on its quality and unparalleled locations. The homebuilder’s portfolio now has land for a total of 14,892 units, after the acquisition of plots to develop 2,616 units in 2018, for a total investment of €111.7 million.
These acquisitions amount to an investment level that is two-and-a-half times above the company’s commitment to shareholders for the same period (land for 1,042 units), at an average cost per unit of €49,000, which reflects the homebuilder’s strategy of identifying opportunities that adhere to strict investment directives, with a special focus on returns and key locations within its geographic footprint. More than a third (39%) of the total assets acquired are located in the Centre region.
“The investments that we made in 2018 demonstrate our capacity to replenish the land bank while further strengthening the visibility that we have over the next few years, allowing us to set our sights on the commitment we made to achieve our run-rate - 3,000 units on the market annually, starting in 2020, and 3,000 units delivered annually, starting in 2022”, explained David Martinez, CEO of AEDAS Homes.
Furthermore, after the most recent valuation conducted by Savills on 31 December 2018, the GAV of AEDAS Homes now stands at €1.768 billion, which means a 20.4% increase over the homebuilder’s GAV of €1.475 billion at the end of 2017. The company’s NAV of €1.616 billion translates into a NAV per share of €33.70, well above €31.30, where it stood a year ago.
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