Terrain located at Cerdanyola del Vallés | Photo: Sareb
Sareb revealed through press releases the transactions it concluded at the end of 2020: the sale of a 54.500 sqm terrain for housing and tertiary use in the Barcelona metropolitan area; 4 other transactions involving housing assets negotiated with public entities and the sale of loans without mortgage security.
€15M for the sale of a terrain in Cerdanyola del Vallés
The 54.500 sqm terrain for housing and tertiary use is located at Cerdanyola del Vallés, a municipality within the Barcelona metropolitan area. This operation was carried out by Altamira Asset Manager and represented a total of 15 million euro. The terrain’s new owner is development group La Llave de Oro which plans to build 400 multifamily dwellings in it, using the remaining 10.000 sqm for the construction of logistic and tertiary buildings.
180 dwellings were sold to public entities
4 other transactions were concluded with public entities. Sareb reached an agreement with the Generalitat Valenciana for the sale of 75 dwellings (30 in the province of Castellón, 28 in Valencia and 17 in Alicante) which, as revealed by Sareb in the press release, should be used to «create a pool of public housing so as to meet the region’s housing needs». This operation was concluded for 5 million euro.
In Madrid, Sareb concluded the sale of 82 dwellings, to be used for affordable housing, to the Empresa Municipal de la Vivienda y Suelo de Madrid (Madrid’s Municipal Company for Housing and Terrains) – EMVS. These buildings were part of an agreement for temporary leasing of dwellings for affordable housing signed in 2016 with the Madrid Town Hall. For 2021, the municipality is considering the acquisition of 10 more buildings from the company, revealed the press release.
In the province of Barcelona, the asset management company signed a deal with the Ayuntamiento de Granollers for the temporary leasing of 17 dwellings for affordable housing, of which six will be acquired by the city hall in the near future.
In the community of Castile and Leon, Sareb sold a set of 6 dwellings to the Council of Castile and Leon for around 359.600 euro. «The buildings were part of a temporary leasing of 100 floors for affordable housing signed with the Consejería de Fomento y Medio Ambiente (Department for the Promotion of the Environment) in October 2015», it can be read in the press release.
€1.610M more in loans without mortgage security
In mid-December, Sareb sold a loan without mortgage security portfolio with a nominal value of 1.61 billion euro to Spanish company Procobro.
«The operation baptised ‘Saona’, was concluded following a competitive process which allowed Sareb to divest several minor debts which had been left without mortgage security after the loans were executed», revealed Sareb in a press release.
The company had, for this transaction, the financial advice of EY and the legal advice of Herbert Smith Freehills. Procobro was advised by Versus Capital.