Bad Bank Gears Up For Huge Land Sale in 2014

2/02/2014 – ExpansionPro

From the most neglected asset during the recession, land becomes the most desired one among investors. In last months, Sareb received offers for this kind of assets from over 300 international funds and domestic investors. The company chaired by Belen Romana is finalizing sales of more than 100 million Euros in developable land and has already started surveying funds in order to put up on the market a mega transaction of 600 million Euros. (…).

In forthcoming days, the interest might be translated into a sale of several lots valued at over 100 million Euros, known as Operación Crossover. (…). Initially, the transaction consisted of  80 asset lots of nominal value equal to 332 million Euros, 660.000 developable square meters and a space for 7.200 dwellings. Most of the land is of residential use type, however there can be found some commercial or industrial plots as well.

‘Crossover 2’

The Crossover Operation has called attention of 300 funds, family office and developers, 230 out of which are registered in the data room (…) The assets are situated in Valdeluz (Guadalajara), Seseña (Toledo), Pozuelo, San Sebastián de los Reyes, Valdebebas, and even along the Avenida Diagonal Street in Barcelona.

Facing such demand, Sareb decided to launch another portfolio of larger volume, assigned as Crossover 2, valued at around 600 million Euros. Unlikely the other, this operation will also include plots collateral for loans. (…).

The bad bank offered 2.400 hectares of rural land, known as the Harvest Project. The portfolio is a part of another, bigger one, covering 6.800 hectares. (…).

Original article: ExpansiónPro (Jorge Zuloaga)

Translation: AURA REE

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