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land Market News: Spanish Real Estate Intelligence

Cerberus rejected the Saco bail proposal. The construction company ends up in liquidation
03 September, Bebeez The fund Cerberus, the main creditor of Saco, rejected the bail proposal of the construction company. Cerberus bought the Saco debts included in the NPL portfolio Rossini from Banca Marche for a gross value of 760 million euro. The debts of Saco towards the bank amounted to 135 million. The rejection by Cerberus will result in the liquidation of the company’s assets, assessed around 130 million and including real estate assets and developable areas. Source: Bebeez Translator: Cristina Ambrosi
Veneto incentives the recovery of lands
10 June, Il Sole 24 Ore The region of Veneto renewed the housing regulation that incentives the recovery of unused land. The objective is to generate value from assets that have no longer market value, like old hotels, warehouses and public assets”. If the properties are demolished, the land will be redeveloped and the credit connected to the assets used to fund other housing projects. Once fully operational, the law is estimated to generate value from about 150 thousand Sq m of land. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
Milanosesto: new governance and 100 million by September
26 April, Il Sole 24 Ore There are some developments concerning Milanosesto, the ambitious requalification project of the former Falck steelworks located between Milan and Sesto San Giovanni. The interests held by the retail division of the Saudi group Fawaz Alhokair Arabian Centres might rise from 25% to 50%. However, the company will have to find capitals for a total of 100 million as a settlement for the lands bought to build a shopping mall. On the other hand, Davide Brizzi, holding 46.69% of the project, and Intesa Sanpaolo aim at defining the governance which might see the involvement of Prelios and Hines. This latter is meant to find institutional investors to invest in the single lots of the project. Source: Il Sole 24 Ore Translator: Cristina Ambrosi