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Cevasa Sells an Estate in Madrid, Buys 20% More of SBD Lloguer Social

8/01/2015 – Inmodiario

Spanish rental property company Companía Española de Viviendas en Alquiler S. A., abbreviated to Cevasa, has sold a real estate complex called Santa María de Cabeza, Madrid, to AKM Arganzuela for 35 million euros. The deal included 214 dwelling, 31 retail units and their corresponding parking spaces.

As a result of the sale, Cevasa is going to close the year 2014 with an extraordinary profit of 23 million, once the sold assets’ book value (€8.1 million), as well as taxes and transfer cost deducted.

Besides, Cevasa has purchased a 20% share in Sociedad SBD Lloguer Social, S. A. from Habitatges Municipals de Sabadell, S. A. (VIMUSA). Currently, Cevasa’s share adds up to 80%, demonstrating the company’s commitment to cooperation with the Local Administration on development of properties intended for long-term rents at affordable prices.

Picture: One of Cevasa’s housing developments, www.cevasa.com

Original story: Inmodiario (by the Staff)

Translation: AURA REE