11 June 2019 – Europa Press
Sareb has constituted its own property developer, Árqura Homes, through which it plans to build and sell 17,000 new homes over the next decade with an investment of €2.2 billion. The new entity looks set to rival the country’s main listed property developers on the basis of its land portfolio and investment plans.
Árqura has been constituted following the transfer of land and developments underway worth €811 million. 56% of its portfolio corresponds to just over 2 million m2 of land, 41% corresponds to developments in progress and the remaining 3% are developments that have been suspended.
The bad bank led by Jaime Echegoyen (pictured above) is going to team up with Värde for this initiative, which will hold 10% of Árqura’s share capital. Moreover, Aelca, a real estate company controlled by the US fund, will be responsible for the management and marketing of the new homes.
This operation represents Sareb’s second foray into the real estate market through the launch of its own firm after it launched the Socimi Témpore at the end of 2017. That firm became the third largest rental home company in the country and is currently on the verge of being sold to the fund TPG.
In the case of Árqura, it hopes to reach its cruising speed in terms of development between 2021 and 2022 and of homes deliveries between 2023 and 2024. Its homes will be distributed across 15 regions, although more than half (58%) will be concentrated in the most sought-after regions of the Community of Madrid, Cataluña and Andalucía.
Original story: Europa Press
Translation/Summary: Carmel Drake