19 June 2017 – Expansión
Aliseda, the real estate servicing company in which the funds Värde and Kennedy Wilson together hold a 51% stake and Banco Popular owns the remaining 49%, whose purpose is to sell the bank’s real estate assets, recorded revenues of €370 million last year in the Community of Valencia and Murcia, where its Levante division undertakes its activity.
Popular’s servicer – the name by which these firms are known in the sector – even exceeded the sales volumes of another major player born out of the real estate financial crisis, namely Sareb. That firm, which took over the toxic assets of Bankia and Banco de Valencia, amongst others, recorded revenues of €199 million in the Community of Valencia and Murcia, with the sale of almost 2,814 properties, compared to Aliseda’s 1,900.
One of the reasons for the larger sales volumes sold by the entity in which Popular holds a stake is due to the fact that 32% of the assets sold in the region were plots of land and 44% were finished properties. The plots of land sold included land next to PAU 5 in the San Juan de Alicante area and in Malilla in Valencia, which were purchased by Neinor.
Aliseda’s Regional Director, Vicente Brotons, commented that the area of San Juan de Alicante could be described as a “mini-bubble” given the strong demand there and he said that demand for land under management in Valencia and Alicante is recovering.
Although Aliseda’s vocation is the sale of land, it has just created a brand Averon for the construction of developments. Brotons explained that it is considering this option for some of the plots of land that it still owns. In Valencia capital, it owns plots of land in Patraix, Parque Central and Moreras.
Following Santander’s recent purchase of Popular, and with it all of its real estate assets, Aliseda’s future is one of the matters that still needs to be resolved.
Sale of Barcas 5 building
Last year, Aliseda sold two unique buildings in the centre of Valencia, one of which was the former Hostal Londres to the chain Casual.
The other was number 5 on Calle Barcas, which was sold to an investment group for its renovation and subsequent rental.
Aliseda’s stock in Valencia and Murcia comprises 16,000 properties worth €3,400 million.
Original story: Expansión (by A. C. A.)
Translation: Carmel Drake