13 March 2018 – Eje Prime
The property developer Micmarsein is taking advantage of the good health of the residential market in Spain. The company, a joint venture between the construction firm Marsein and the property developer Mercat Inmobiliaria Català, is focusing on developing its promotion business in Cataluña, Ibiza and Valencia, with the purchase of new land worth €60 million, according to sources from the group speaking to EjePrime.
“Micmarsein has been created out of the need for two companies to join forces to reach an objective, which is to build residential properties”, explain the sources at the group. The company, which has more than 25 years of experience across Spain, has started 2018 with the purchase of a plot in Les Franqueses, Barcelona, for the construction of a development comprising 35 homes, as well as retail premises and parking spaces, which will involve an investment of €14 million.
The homes will have surface areas of between 68 m2 and 105 m2. This development, which will be started at the end of 2018, comes in addition to the developments that Micmarsein is currently executing in Cataluña and the Balearic Islands.
In Ibiza, the group is immersed in two developments. The first is located in Santa Eulalia, where it has purchased a plot on which to build 29 flats and where it is going to invest €17 million. Moreover, on the same island, it is also going to build a new development in Sant Josep, aimed at a public with a high purchasing power.
In terms of Barcelona, the company is on the verge of handing over a development containing 13 homes in Collblanc and has just finalised work on two more developments containing fourteen and six homes in the neighbourhood of San Andreu, also in the Catalan capital. To complete the picture in the Catalan market, Micmarsein is also now building a development in Cardedeu.
Of the new purchases that Micmarsein is going to carry out this year, some will be financed using own funds to nourish its business, whilst others will be commissioned by other funds, which trust in the group to develop their investments in the country.
This year is going to be one of the most ambitious for the company in recent times. According to the group, the forecast is to end the year with a turnover of close to €40 million, which will mean multiplying by almost seven its revenues from a year earlier, when the group recorded sales of €6 million.
Micmarsein hopes that the increase in its revenues over the coming years will stem from its expansion plan in the Spanish market. In addition to the Mediterranean Coast and the Balearic Islands, the group is planning to acquire land and build new developments in Madrid and Málaga over the medium term (…).
Original story: Eje Prime (by Custodio Pareja)
Translation: Carmel Drake
Source:: AURA Real Estate Experts