Contractor buys further 91 hectares of development land through Spanish joint venture Alcaidesa.
Contractor Costain has bought a further large slice of land in Spain through Alcaidesa, its Spanish joint venture development business.
Alcaidesa Holding, in which Costain has a 50% share, has acquired a further 91 hectares of development land with the intention of adding approximately 600 residential units, a hotel and commercial facilities.
The £17m price tag has been agreed on deferred payment terms over the next three years. It is hoped all relevant consents will be secured by 2008.
The newly acquired land adjoins the existing 209ha interest known as San Roque 3. The land forms part of an enclosed valley and will enable Alcaidesa to further enhance the development potential of the enlarged holding.
Andrew Wyllie, Costain Chief Executive, said: "his gives us a much enhanced platform from which to continue the growth of the Alcaidesa development. With our success to date in Spain and the forecast growth in demand for properties in the region, we will look to grow our land bank there during the course of 2006."
