At the sale of the €80 million worth of land, Spain´s bad bank is believed to have applied a 25% discount on the face value of the 17 plots. Private equity fund Castlelake will pay €60 million now.
The sites form a part of the Crossover Project, large land portfolio put up on sale by Sareb, including developable sites found in Madrid, Barcelona and on the coast.
In Spain as a whole, the prices of urban land fell by 48% compared to the Q3 2007 peak.
Original article: Bloomberg (by Sharon Smyth)
Summary: AURA REE