surveillance

It will depend a lot on how the land market evolves, there we have a problem. There is the theory of the one who says that it is going to go down, the theory that it is going to go up and the theory that it is going to stay the same.

The truth is that in our case many launches are second phases of promotions that are underway and depending on the first one something or another will happen. But if I have to give an estimated figure we can move in a range of between 600 and 1,000 units, although as I said it will depend on the ground.

I believe a lot in the market in supply and demand. When there is no soil the price goes up and when there is a lot it goes down. In this country we have the problem that there is no soil and that would indicate that the price may rise. It is true that there may be land holders who, with the current circumstances, cannot develop it and decide to sell it. So I think it’s going to stabilize or even go up.

Right now we have land for 10,000-11,000 units. A very important part of that bank, more than half, is non-finalist land. I am talking about important soils located in Ahijones, Berrocales or Retamar de la Huerta, where we can have about 2,000 units. We are managing that and those floors will come out so that we can start marketing and construction in a couple of years.

On the other hand, what we are doing is selecting one in a land purchase operation and we are looking for land that is finalist or that is in a very advanced state of management. In this way, we are complementing with land from our bank and things that we are buying in the market. In the last months of 2020 we bought three assets in Malaga.

Catalonia and Seville and how much could we buy this exercise? Right now, we are talking about the purchasing capacity of more than 1,200 units, which would represent an investment of about 80 million euros. We have a powerful shareholder who gives us this purchasing power. But it is not about buying to buy, they have to be good units.

We are analyzing it. In fact, we have never stopped analyzing this possibility with funds or with rental managers. The problem is that it is a market that is maturing now and the margins have yet to adapt and adjust. So far the numbers have not come out. But we continue working on it and we want to close an operation this year. Let’s see if it is possible.

The sector is very fragmented. The truth is that if we compare ourselves with other European countries, we are all small companies, since outside of Spain some deliver between 10,000 and 15,000 units a year. We do not add that amount in our country even between eight companies.

Of course there have to be corporate operations and mergers. I also believe that it is something very good, both for companies, as well as for the market, the sector, shareholders and also for clients who work with more solid companies and that gives them peace of mind. In addition, better access to financing is achieved both from banks and in the capital market. Efficiency is greatly improved.

By having so much volume when the cycles come, we would be able to adapt better and also bet on industrialization and innovation, Since that size allows you to try and make mistakes without posing a serious problem. I think that will happen.

When is it going to happen to us? When our shareholder decides. I suppose that it will be due to the work of making your investment liquid at a certain time and one of the ways is perfectly to merge into another company.

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