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land Market News: Spanish Real Estate Intelligence

Cerberus & Oaktree in the Final Round to Buy 'Solvia Desarrollos Inmobiliarios'

5 April 2019 - Expansión

Banco Sabadell is on the home stretch for the sale of 100% of its property developer, Solvia Desarrollos Inmobiliarios (SDIn). The funds Cerberus, through its property developer Inmoglacier, and Oaktree have made it through to the final round of the operation, which could be closed within the next few days or weeks.

The consultancy firm Savills Aguirre Newman has estimated that SDIn’s assets are worth more than €1.3 billion and the entity chaired by Josep Oliu (pictured above) is hoping to record proceeds of around €1 billion from the sale.

The portfolio comprises 270 buildable plots for the construction of around 15,000 homes, half of which are in Cataluña, although it also contains plots in Madrid, Andalucía and Valencia.

It has been reported that two other investment funds may have also been selected for the final round (out of Apollo, Goldman Sachs and CPPIB) but Oaktree is understood to be the favourite. Rothschild is advising the divestment process.

Original story: Expansión (by R. Sampedro and S. Saborit)

Translation/Summary: Carmel Drake

 
Habitat Acquires a Plot in Valencia for the Construction of 96 Homes

29 March 2019 - Levante EMV

The property developer Habitat has purchased a plot of land on Calle Bomber Ramón Duart in the Quatre Carreres neighbourhood of Valencia, for the construction a 96-home residential property. The company, which is backed by the US fund Bain Capital, is already building 600 homes in the Community of Valencia and plans to invest €500 million in land purchases across Spain between now and 2021.

In its latest operation, the real estate company has acquired a plot measuring more than 3,100 m2 with a buildability of 14,000 m2, which will involve a total investment, including the construction work, of €30 million. The operation forms part of the strategic and business plan that the company, chaired by Juan María Nin and led by José Carlos Saz, is carrying out.

Original story: Levante EMV (by Ramón Ferrando)

Translation/Summary: Carmel Drake

 
Valencia Port Authority Puts 239,000 m2 of Land in ZAL on the Market

27 March 2019 - Expansión

On Friday, the Board of Directors of VPI, a subsidiary of the Valencia Port Authority and owner of the Logistics Activity Zone (“Zona de Actividades Logísticas” or ZAL) is going to approve the marketing of some of its land under a formula that will grant rights to its use for a fixed number of years to companies that pay a fee.

The plan is for the tender process to open on Monday and in total, 239,000 m2 of land is expected to go on the market.

Original story: Expansión 

Translation/Summary: Carmel Drake