The fund belonging to Vía Célere and Dospuntos, currently in a merger, bought an important debt package, making it one of the main shareholders of the developer, in control of the Reyal Urbis portfolio, with a market value of 1,170 million euros, according to Eje Prime, part of Expansión.
This transaction follows Värde’s strategy, which aims to increase its portfolio of asustes in Spain, where it has plans until 2021. It is currently playing a leading role in one of he largest real estate mergers (Vía Célere and Dospuntos) and has proposed to launch the resulting company on the stock exchange in two years, as well as continuing to invest strongly in Spanish residential property.
It can be recalled that Reyal Urbis has been in bankruptcy procederes since 2013, when it entered the courts with a liability of 4,660 million euros. Now, it is finalising negotiations to avoid liquidation. The company has until the 31st May to get the support of 75% of its creditors for its proposed arrangement. Among the biggest creditors in the group are Santander, BBVA, Sareb and the Taxation Agency.