Transaction / Assets Seller Buyer € MM
Grupo Insur Buys Plaza del Teatro Building From Sareb
23 November 2016 – Málaga Hoy
The Plaza del Teatro residential development, one of the most attractive of all the projects currently being undertaken in the historical centre of Málaga, has changed hands once again. Sareb took ownership of the property after the real estate asset was hit hard by the property crisis, and on Friday, the bad bank closed a sales agreement with the Andalucían property developer Grupo Insur (Inmobiliaria del Sur).
The estimated investment could amount to €15 million, including the sales price of the asset (the appraisal that the Town Planning Department performed just a few months ago amounted to €8.7 million) and the construction work, which is expected to amount to almost €6.5 million. The firm, through its subsidiary IDS Residencial S.L.U., will take over the development of the project directly, given that it has been granted a construction licence by the Town Planning Department.
According to sources at the property developer, Insur has complied with the procedures, as well as with the commitments agreed with the Town Hall. The façades of this property must be maintained and restored, but the interior will be renovated and turned into high-rise residential apartments, with retail space on the ground floor and underground parking. Specifically, the refurbished building will comprise 58 homes, 7 retail premises, 58 storerooms and 108 parking spaces.
Marketing of the properties will begin imminently, with construction work due to commence during the first half of 2017. Financial support is being provided by Banco Sabadell, which is offering favourable conditions for future purchasers of these homes. It is expected that this project will generate direct and indirect jobs for more than 140 people.
The planned construction work will involve an investment of €6,456,544.27, according to data provided by the Town Hall. And the project is expected to be completed within 36 months. (…).
Original story: Málaga Hoy (by S. Sánchez)
Translation: Carmel Drake