Blackstone & BBVA “Inherit” Prime Plot in Sevilla for 600 Homes

21 March 2018 – Eje Prime

BBVA and Blackstone are going to be able to take advantage of the mortgage signed back in the day by Juan Rojas. The loan for forty million euros granted to the Sevillan businessman by the Basque bank and Popular, whose toxic property has been in the hands of the US fund since last year, has given them the right to now inherit some very sought-after prime plots of land in Sevilla, after the liquidation of a dozen companies that Rojas had under his control.

The Sevillan property developer owned a plot of land in Tomares with a surface area of 260,000 m2 on which up to 600 private homes may now be constructed. Moreover, the plot, known as SUS-1, is located in the town that has the highest income per capita of all of Andalucía, according to El Confidencial.

Tomares, located in the Sevilla metropolitan area, is one of the towns that has served in recent times as a breath of fresh air for the residential sector in Sevilla, where there has been practically no movement in the capital and where over the last decade, only 5% of the urban plan (PGOU) has been executed.

Spanish property developers had been making moves to take control of the management of this plot, which was owned by one of Rojas’s holding companies, Ferro Grupo Empresarial y Urbanizadora Rojas, until now. On this plot, in addition to 600 private homes, there is space available to build 400 protected status homes and a medium-sized shopping complex.

Original story: Eje Prime 

Translation: Carmel Drake