The joint venture formed by Otero Group and Iberian Yield Investment AB, under the Brand of Lagoom Living, will develop 1000 affordable homes for rent in the city of Malaga
Plans to acquire land for 400 units by the end of 2022.
Recently, the purchase of two plots of land for the development of 90 homes destined for the affordable rent in the Zeta District has been made official
Malaga 21st June 2022 – The investment vehicle formed by Otero Group and Iberian Yield Investment AB under the LAGOOM LIVING brand, has acquired the land for the development of 90 BTR (build to rent) homes for affordable rental in the Sánchez Blanca Sector of Malaga, more specifically in the future Distrito Zeta (DZ) residential neighbourhood.
The alliance formed by Otero Group and Iberian Yield Investment AB created at the end of 2021, which is advised by the prestigious Gómez Acebo & Pombo firm, was born with an initial equity committed to the development of a portfolio of 1,000 units. Currently, Lagoom Living manages a pipeline under review of more than 1,500 units; its objective is to acquire land in Malaga for the development of 400 units intended for rental during this year, 2022.
Lagoom Living continues its plan to expand in Andalusia with the acquisition of these two new plots with a buildable size of 8,203.07m2. A construction planned to fit in greatly with the model of the neighbourhood and which even gives a voice to children, this development is innovative in the urban planning for Malaga. The project will involve an estimated investment of €21 million.
Rubén Otero, CEO of the Otero Group, and Felipe Gil, Country Head of Iberian Yield, agree on “highlighting the strength of the alliance which focusses on a business model for affordable housing that is permanent, sustainable and based on CSR (Corporate Social Responsibility). Without a doubt, it represents a generation of value for society, solving problems of access to quality housing for a large part of the population all whilst considering concepts such as sustainability, energy efficiency and the creation of communities as the axes of the business model”.
For Javier Braza, COO of Otero Group and head of strategy for the Joint Venture (JV), “the change in the residential model that Malaga is experiencing has been key to defining the short-term objectives of the affordable rental housing portfolio. Under the strategic plan of Lagoom Living, Public-Private Initiatives (PPI) and collaborative actions with the Administration are the focus for this JV, with a clear continuous philosophy in the BTR sector”.
Distrito Zeta is a sector conceptualised as a Smart City, which applies fundamental elements based on sustainability, mobility, technology and community. Added to this particularity is the commitment to have organic vegetable patches so that the inhabitants can grow their own fresh produce. The development has also pledged to create dog parks with special designs, which will encompass swimming pools, game rooms and food dispensers. Another element to consider is that residents will have the possibility of profiting from a shared electric vehicle service.
DZ has aroused great interest amongst large national developers such as Vía Ágora, Hábitat Inmobiliaria, Aedas, and Urbania itself as the developer of this urbanisation and its concept. Together with Otero Group and Iberian Yield Investment AB, Lagoom Living grows its influence in Malaga with the acquisition of these two lands in Distrito Zeta.
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