IBERDROLA Inmobiliaria expects to begin developing more than 300 housing units in late 2010 and early 2011. This renewed commitment to Spain's residential market is the result of the improved sales indexes of the subsidiary’s residential developments.
IBERDROLA’s subsidiary, which since it began operations has delivered more than 7,300 housing units throughout Spain, will focus mainly on primary residences and residences in the provinces of Madrid, Ávila, Granada, Santander, Mallorca, Ciudad Real or Murcia.
IBERDROLA INMOBILIARIA’s new projects will consist of both high-rise housing units and single-family attached homes and will at all times be in keeping with the company's quality standards.
The subsidiary expects that the first complex of housing units to be completed will be in Reserva de las Hervencias, in the capital of Ávila. This complex, which has 24 single-family attached homes, is located in an exclusive residential area next to the new Nuestra Señora de Sonsoles Hospital and across the street from the police academy.
These new housing units will broaden the company's current offering, joining those that IBERDROLA INMOBILIARIA is marketing in Arroyomolinos (Madrid), Mijas Costa (Málaga), Santander and Jun (Granada).
IBERDROLA Inmobiliaria offers a broad portfolio of products, ranging from primary residences to holiday homes, office buildings, industrial warehouses and shopping centres, and property support consulting and third-party property management. The company currently owns rental property with more than 245,000m2 of gross leasable area (GLA).
This information does not constitute an offer to buy, sell or exchange, nor does it constitute the solicitation of an offer to buy, sell or exchange securities. Iberdrola, S.A. shares may not be offered for sale or sold in the United States except through a statement of effective notification in conformity with the provisions of the Securities Act or when a valid exemption from the obligation to provide such notification has been granted.