12 December 2016 – La Opinión De Málaga
Sareb has sold a plot of land in Madrid measuring 14,400 m2 to the Andalucian real estate company Grupo Insur for the construction of a business park. The land is located on Paseo de los Melancólicos, close to the Manzanares River and inside the M-30 ring-road. With a buildable surface area of almost 27,000 m2, the plot has the capacity to house nine above ground floors, plus several underground parking floors, according to Sareb.
The operation, which has been conducted through Solvia, one of Sareb’s property managers, generates value from an asset located in an sought-after area, following the renovation of the Manzanares riverbank thanks to the Madrid Río operation.
“This asset is located next to the plots of land that form part of the Mahou-Calderón operation and is close to the Palacio de Oriente. It is well connected and is surrounded by an established urban network, which offers a wide variety of shops and services. The current sale comes in the context of the reactivation of the office segment, driven by a notable decrease in the availability of such assets, in particular in the primary markets of Madrid and Barcelona”, said the company. During the first six months of 2016, Sareb sold 625 plots of land across Spain, from both its own portfolio as well as from the balance sheets of its debtors. Most of these operations were closed in: Community of Valencia, Cataluña, Murcia and Andalucía.
Overall, during the first six months of the year, Sareb sold 5,590 properties (residential assets, land and tertiary properties) and recorded revenues of almost €1,400 million. 52.4% of those revenues were generated from the management of its loans and the remainder from the sale of both properties (26%) and loans (almost 20%).
Original story: La Opinión De Málaga
Translation: Carmel Drake