Deloitte will be the financial advisor in the sale of Árqura by Sareb

Deloitte will be the financial advisor in the sale of Árqura by Sareb

Sareb has chosen Deloitte as financial advisor to analyse the possible sale of Árqura Homes after receiving eight bids from companies interested in this advice as part of the public tender procedure that began last February.

Thanks to the interest aroused by the call for bids, if the sale of Árqura is formalised, the cost of the tender will range between 1.3 million and 2.2 million euros, depending on the amount at which the transaction is closed. This is a lower amount than the initially foreseen range of between 1.6 and 3.3 million euros, which was the starting point of the specifications as maximum amounts, depending on the price at which the operation is closed. This has been made possible by the fact that the public tender system aims to maximise the best value for money.

In the first phase, Sareb will pay just over 280,000 euros to Deloitte so that it can carry out the analysis of the transaction. The final conclusions of this work will be delivered to Sareb in autumn. However, before the company can make a decision on the future of Árqura, it will also have to wait for the report of the legal advisor hired for the transaction in the coming weeks, as this bidding process is still underway.

In 2022, Árqura Homes' activity contributed 214 million euros to Sareb's results. This is 56% higher than the previous year thanks to the significant increase in asset sales from its real estate developments.

At present, the developer has 154 developments underway to bring 9,105 homes to market. At the end of April 2023, it had 55 developments under construction that will house 3,291 homes. Of its ongoing projects, 3,272 homes are already committed to customers (if reservations and contracts are added together). These assets are in addition to the 2,092 homes that have been deeded since the start of its activity.

Árqura Homes currently has 154 developments to bring to the market 9,105 homes on the market, and plans to develop over 17,000 additional units in the coming years.

In the tender to explore this possible sale, it was announced that Árqura Homes plans to develop more than 17,000 homes in the coming years. Of this figure, some 13,000 homes already have a specific business plan. However, if the analysis of the operation so advises, it would be possible to incorporate land for the development of up to 5,000 homes available to the developer. The perimeter of these plots could thus reach 22,000 residential units.

In the event that Sareb decides not to move on to the next phase for the sale of Árqura Homes, the company would continue to develop its activity, which is reporting significant income to the income statement. Both decisions are in line with Sareb's mandate to maximise the value of its assets to repay debt and minimise the impact on taxpayers.

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