• Transaction / Assets
    Office building, Alfafar (Valencia)
  • Seller
  • Buyer
    Inversiones Carney SL
  • € MM

Inversiones Carney SL Buys an Office Building in Valencia from Cerberus

7 December 2018 – Levante EMV

The Madrilenian firm Inversiones Carney SL, backed by its Argentinian and Basque shareholders, has acquired an office building in the Alfafar commercial area, on the outskirts of Valencia. Specifically, the building is located between the MN4 shopping centre and Pista de Silla (road). The property, known as As Center, was constructed during the real estate boom and has remained inactive since then. Its status corresponds to the lack of activity over the last decade, but all of the building work has been finished.

The building is designed for companies. It comprises twelve floors and almost 200 offices. In 2010, at the height of the crisis, it passed into the hands of BBVA, which has held onto it ever since. In 2018, the property was sold to the US fund Cerberus, as part of the operation that saw the banking institution transfer it assets worth hundreds of millions of euros.

A few weeks ago, according to sources speaking to this newspaper, the property was sold to Inversiones Carney SL. That Madrilenian firm, which has Antonio Santiago Pérez as its administrator, has already undertaken some operations in the Community of Valencia, but not in the tertiary office field, at least not publicly. Specifically, according to the newspaper El Heraldo de Aragón, at the beginning of this year, the firm owned the Myo shopping centre, located on the Beneito industrial estate in Gandia. In 2016, it acquired a municipal plot, where a Decathlon store has been opened. This newspaper has contacted the company on two occasions in recent days but has not obtained a response.

One of the shareholders of Inversiones Carney is the firm Mazel Investments SA, which is based in Luxembourg. According to the latest accounts filed in the mercantile registry, corresponding to 2017, over the last two years, the company has undertaken real estate investments amounting to €24 million and €16.5 million, respectively. Moreover, its assets are worth more than €28.5 million.

According to the aforementioned newspaper, Carney is backed by Basque and Argentinian investors. Moreover, the firm has acquired the Plaza Imperial shopping centre in Zaragoza in 2018 with the intention of refloating it.

Original story: Levante EMV (by José Luis Garcia)

Translation: Carmel Drake