7 August 2015 – Expansión
Banco Popular is replicating the model it adopted for Aliseda in Portugal. The entity chaired by Ángel Ron has decided to sell a majority stake in its real estate and debt management company in the neighbouring country. Popular closed the operation on 9 June by selling the business to Quarteira, a company owned by funds of the US firm Carval, for €72 million.
The Spanish entity will maintain a 20% stake in the new company – Recovery to Business (Recbus) – which will take over the management of the real estate assets of the Portuguese banking subsidiary.
This operation has generated capital gains of €69.5 million for Popular: €55.6 million from the sale of the 80% stake in Recbus to Carval and €13.9 million from the revaluation of its retained 20% stake.
Sources at the Spanish entity stress that this transaction is positive for two reasons, since: “it makes the most out of the management of the real estate business in Portugal, benefitting from the experience of the partner”; and “it allows Banco Popular Portugal to focus on its traditional commercial banking activity”.
The growth of Aliseda
Aliseda is currently in an expansion phase after earning €68 million last year. Its shareholders – Värde, Kennedy and Popular – have signed an agreement to increase its capital, to repay debt.
Aliseda Inmobiliaria recorded revenues of €1,127 million during the first half of the year, according to Efe. The company sold more than 6,400 properties and hopes to generate record breaking revenues of €2,000 million in 2015.
Last year, the company sold more than 8,600 assets.
Of the assets sold, 44% were new build properties, 26% were second hand….and 14% were land.
Original story: Expansión (by J. Zuloaga)
Translation: Carmel Drake