2 April 2018 – El Confidencial
Entrenúcleos, the immense expanse of land stretching out more than 7 million m2 across Dos Hermanas (Sevilla) and urbanised to a large extent, is continuing to attract new investors interested in starting to build homes as soon as possible. The latest player to join firms such as Inmobiliaria del Sur (Insur) in partnership with BBVA, Aelca and the Sevillan firm Bekinsa, is Habitat, the property developer that has been controlled by the US fund Bain Capital since the end of last year.
The group has acquired almost 30,000 m2 of land spread over three plots, through an auction of assets owned by the local property developer Ábaco. The total price, according to market sources, is a real bargain: €4.6 million. “Taking into account current sales prices in the area, which stand at around €1,700/m2 for a family home, and range between €1,400/m2 and €1,500/m2 in the case of flats, the final yield could reach 45%”, explain the same sources. Habitat has been awarded three plots on which to build 189 flats (on two of them) and 78 family homes on the third one.
Two other companies have also obtained land in the auction of Ábaco’s assets, which filed for bankruptcy in 2016. Firstly, the real estate company Aelca, controlled by the fund Värde Partners. That firm already acquired a decent amount of land in Entrenúcleos at the beginning of the year by purchasing land with a buildable surface area of almost 230,000 m2 on which to build 2,100 homes, for around €250 million. Now, Aelca has acquired another 14,000 m2 plot (with a buildability of 12,500 m2), on which it plans to build 78 terraced houses, for €3.2 million.
Aelca plans to start marketing the first two developments proceeding from its purchase at the beginning of the year in May. Finally, the third property developer to acquire land is the aforementioned Sevillan firm Bekinsa, controlled by the Beca family. It has acquired 16,600 m2, on which to build up to 30 family homes, for €1.2 million. The Sevillan firm is already marketing homes in two other apartment blocks in Entrenúcleos (…).
Other plots owned by Ábaco in the area, but included in a pro-indiviso in which the firm held a 30% stake and in which CaixaBank and the Town Hall of Dos Hermanas were also shareholders, did not get sold in the auction held before Easter. The same thing happened with other plots located close to Sevilla airport and whose urban planning procedures are in a much more preliminary stage than those of the plots in Entrenúcleos (…).
Original story: El Confidencial (by Carlos Pizá de Silva)
Translation: Carmel Drake