Puerto Banús and property developer Civitas have reached an agreement to launch a series of joint luxury real estate projects in Marbella as well as other locations on the Costa del Sol. The first homes built by the new partnership will be in the Puerto Banús area.
Juan Núñez, CEO of Puerto Banús, and Alejandro Ayala, president of Civitas, announced on Tuesday, 10 January, the details of this alliance. They have initially signed an agreement for the next five years, but this, according to Ayala, is expected to continue after the initial period.
Núñez explained that the agreement includes three lines of action. Firstly, Puerto Banús will be renamed to include the new partner, which also sponsors Atlético de Madrid football club, and become Civitas Puerto Banús. Secondly, land will be identified to build marinas and residential developments and the third part is the development of luxury real estate.
The developer's initial investment amounts to 80 million euros and includes the acquisition of 12,000 square metres of land in the Los Rodeos area, around 600 metres from the Puerto Banús marina. This will be the site of the first planned project.
Ayala explained that the three projects are at an advanced stage with the plot already purchased in Puerto Banús as well as two further sites located in Mijas. He added that the Puerto Banús marina properties will be “few, of the highest quality and with all the services offered by the port: access to the car park, use of moorings, personal assistants and the possibility of renting boats".
"From today we are already working against the clock," said Ayala, adding, "We can have the first three developments on the Costa del Sol in the next five years."
According to Núñez, the alliance is exploring possible sites for marinas mainly in Andalucía, other places on the Spanish coast and in some strategic points outside Spain. He believes that there are possibilities for growth in Spain in the marina industry and said that currently "the volume of boats per 1,000 inhabitants is well below the European average, in some cases, even half".
Ayala added, "We hope to be able to announce the first marina that we will work on together in the next six or seven months, which will require a development period of five years.”