Signing of the management agreement for the Development of the sector Este-Los Cerros with the Madrid City Council.

• This urban development will have the capacity to house 14,276 housing units in the coming years, 50% of which will be subsidized.
• It is planned to build a last-mile logistics center and a large green pocket of land of more than 170 hectares, integrated within the municipal project of the Metropolitan Forest.
• This land has the capacity to develop more than 1,600 homes in the municipality of Madrid over the next few years.

Madrid, January 28, 2022. Last Friday, January 28, the Urban Development Agreement for the management of the Sector “Desarrollo del Este-Los Cerros” was ratified in a public ceremony at the Colegio de Arquitectos de Madrid (COAM). The delegate of Urban Development, Mariano Fuentes, accompanied by the deputy mayoress Begoña Villacis, signed together with the president of the Los Cerros Compensation Board, the final text of the agreement that marks the starting point of this urban development with the capacity to house 14,276 homes in the coming years; 50% of them will be subsidized.

With the achievement of this urban development milestone, the management of this area is unblocked, and the urban development is expected to begin next June. This urban development agreement affects 4.7 million square meters of land between El Cañaveral and San Fernando, and a buildable area equivalent to 1.8 million square meters, where METROVACESA is one of the majority owners with a 12% share. The area also has an area of 0.5 million square meters of buildable land for economic activity, where a last-mile logistics center is planned to be built, and a large green area of more than 170 hectares, integrated within the municipal project of the Metropolitan Forest.

Among the main objectives of the Agreement is to establish guarantees to ensure the complete urbanization of the area, whose execution is planned in three stages, and to expressly provide for the possibility of simultaneous execution of the Urbanization and Building works of each stage or functional unit.

This is one of the company’s most important land reserves, with the capacity to develop more than 1,600 homes in the municipality of Madrid over the next few years.