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Insider update on Xirivella project.
New flagship project on a new market - Spain, implemented by our team. The constuction works will be performed by Kirsan building SRL. This property will be owned by our SPV (RE24 ESP SL), fully developed and managed by Reinvest24.
Valencia is the third largest city in Spain with a population of 5.5 million and has the largest port on the Mediterranean Western coast, which generates 51% of Spain’s GDP. Apart from being an economical hub, this is a hometown of Paella, with a cafe society to die for and a place where architecture just takes your breath away.
The property is located in Xirivella which is a municipality located in the metropolitan area, just a couple of minutes from Valencia. The municipality has a very close proximity to one of the largest shopping centers in Spain, where all kinds of commercial and leisure activities are concentrated.
The building itself is very well located - just a few meters from the main avenue with main shops, banks, the main transportation roots and services. Also, it is only 6 kilometers away from the airport and 16 minutes from the coastline.
The property is located in Carrer de Juan Molina, 4, Xirivella, Spain, with cadastral numbers 1518102YJ2711N0001WT and 1518112YJ2711N0001LT. The premises consist of 3 floors (plus ground floor), 10 apartments from 51m2 up to 145.6 m2 per apartment, storage rooms from 4 to 8 m2, garages and parking places. The total area of the building is 1.117,35 m2.
The construction of it began in 2007 and due to the great crisis that Spain was facing then, the further development of it was paralyzed. We see a great potential in this property, as the demand for modern new apartments in the area is very high due to low supply. It's an old city covered with historical buildings, leaving less room for new developments. The average price for sale of the new construction is around 1400-1600 EUR per m2.
What is a development project?
This is a loan type which is used to purchase a property in order to sell it. In our case, before selling it, we will be renovating it in order to increase its value. It is important to mention that this loan type is more similar to our rental projects, rather than development loans. It means that we don’t lend money to a 3rd party, but purchase the property and manage the process in a similar way we do with our rental properties.
About construction company
The KIRSAN holding has begun its operations in 2010 as a real estate development company. It opened offices and developed numerous successful projects in Spain, Latvia, Switzerland, Germany, Romania and Moldova.
As of today, KIRSAN built and commissioned 25 residential complexes with 4595 ready-to-use apartments. The total built-up area was 225,460 m2. Each project was built with a special treat, passion and scrupulous attention to even the smallest details.