The anonymous society listed real estate investment Orion Rental sign the purchase of eight buildings in the heart of Granadilla de Abonain the south of Tenerifethat had been left unfinished due to the previous real estate crisis from 2008 to 2014.
The intention of this investment company, as announced this Tuesday in a statement, is put the 294 homes on the real estate market with “affordable” prices of these buildings.
Some of these homes are currently squatted. Orion Rental assures that it will use a formula that rules out the eviction of these families. Through this operation, the investment company has acquired some buildings that They belonged to Sareban acronym for the Asset Management Company from Bank Restructuring, created as a private entity to absorb the toxic assets of banks and savings banks so that they could clean up their accounts and be rescued.
In the absence of knowing the details and development of this operation, The municipal government of Granadilla applauds that this society investment is going to bet on putting those 294 homes on the market at low rental prices. It must be taken into account that Granadilla de Abona is one of the municipalities that is suffering the most with the new real estate crisis.
ensures it Óscar Delgado, Urban Planning Councilor of the Granada local government: «The municipality has experienced a large population increase but housing development has been at a much slower rate. The situation is alarming, so initiatives like this help. “It is very difficult at this time to find affordable rentals, both in Granadilla and in general in the rest of the southern municipalities.”
Enrique Guerra, general director of Private Equitythe promoter company of Orion Reantal, assures that the acquisition of these eight buildings to finish them and put them on the market at affordable prices “it has not been easy”. “On the contrary, it is the result of hard work by all parties and a titanic effort by the RIC Private Equity team after the allocation of the assets to them by Sareb on December 14,” he explained.
The municipal government of Granadilla applauds that this investment company is going to put these 294 homes on the market at low rental prices
He social aspect of this real estate project and the importance for Canary Islands to build affordable housing «have encouraged Cajasiete to lead this project and invest in its share capital,” says Orion Rental in the statement.
The start of works to complete these 294 homespoints out the society, will depend on the degree of progress of a series of previous milestones: «the prior administrative qualification of the homes, the granting of European funds, the approval of the Canary Islands Government of the declaration of suitability of the instruments that will finance the investment for the purposes of the materialization of the RIC, the obtaining of investment commitments from the RIC investors that cover the cost of the non-subsidized investment and the completion of the private bidding procedure for the selection of the construction company.
Orion Rental is very advanced in the acquisition of another unfinished development of 92 homes in the north of Tenerife, in the municipality of Los Realejos
The investment company details that This operation has been possible thanks to 38 investors that “in just one week they have made the effort to invest 7,360,500 euros in social impact.” “Affordable rental housing has been the big winner,” says Orion.
Orion Rental has very advancedIn addition, the acquisition of another unfinished development of 92 homes in the north of Tenerife, in the municipality of Los Realejos, which could take place next February, and another development of 254 unfinished homes in Fuerteventura is in the negotiation phase. before the end of the first half of 2024.
