Culmia will be able to build up to 226 dwellings in the district known as Sevilla Este in the Andalusian capital, in buildings of a maximum of eight floors, making it the largest land sale operation carried out by Vía Célere, according to El Confidencial. The amount of the operation has not been disclosed.
Vía Célere bought the land in the Andalusian capital in 2017 from BBVA. At the end of 2019, the developer pointed out in its accounts that it had a buildable area of 2.2 million sqm, of which 333,078 sqm were in Seville, with a development capacity of 3,247 homes.
The sale of the land to Culmia means transferring 7% of its future activity in the area. After the merge with Aleca two years ago, Vía Célere, directed by Ignacio Morales, designed a non-strategic land sales plan due to duplication or its small size, which adds up to a promotional capacity of 1,300 homes.
Värde Partners, owner of Vía Célere, La Finca and Árquia, has been one of the most active funds in the Spanish market and is currently in an investing moment with the aim of cleaning up its accounts to comply with its roadmap regarding the stock market.