Santander, BBVA and Popular transfer €1.500M in land to Metrovacesa

Santander, BBVA and Popular transfer €1.500M in land to Metrovacesa

The plan is to about to be finalised, but two different financial sources consulted via this digital medium point out that the sum transferred is more than a fifth part of the plots of land that Santander, BBVA and Popular have on their books. These three bodies have accumulated land to the value of 6,700 million euros, discounting financial provisions: Santander has almost 2,000 millions, BBVA, 1.200 million and Popular, 3.500 million.

One of the points which still has to be agreed with the three banks is in the valuations upon which lands are to be transferred to Metrovacesa, given that  each one has a distinct level of provisions.

The 1,500 million in land that the three banks are transferring, plus those that Metrovacesa already has, will create the biggest Spanish developer, ahead of Neinor Homes, Lone Star, and Aedas Homes, Castlelake. It would only be surpassed by Sareb, with 3,400 million in land, either in development, or completed, although the strategy of the society presided over by Jaime Echegoyen is more in the area of divestment than development.

According to Voz Pópuli, the medium term plan for Metrovacesa Suelo y Promociones is to list on the Bolsa when market conditions allow. For this, they have been observing on what is happening with Neinor Homes, who announced its exit from the Stock Exchange for next April.

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