• Transaction / Assets
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Madrid Buys Land for 87 Million Euros to Install Aircraft Fleet in Getafe

25/01/2014 – El Confidencial

The Community of Madrid will pay 87 million Euros to acquire a parcel of 81 hectares situated within the La Carpetania business park in Getafe. The Urban Consortium of La Carpetania, belonging in 60% to Madrid and in 40% to Getafe, closed the transaction at the end of 2013 with Solvia, the real estate institution of Banco Sabadell, in order to propel its logistic aircraft fleet.

(…) To prevent division of the land, the potential buyers had to acquire entire parcels. Thus, the chairman of the Community, pledged to its financial institution remitting the amount in bonds in the next three exercises. (…) A small part of the acquired 814.000 square meters (about 50.000 m2) will be given to the factory of EADS-CASA, that is planning to enlarge its Airbus project.

The transaction fixes the price for this type of purchase in Madrid. The public consortium has paid 107 €/m2 at the moment of almost null interest in such transactions in Spain. (…) Except for the operation, Solvia has sold land with capital gains equal to 20 million Euros (…) to Coperfil, a logistic project developer of Vicente Roig, who entered the creditor´s arrangement in 2011 with a 370 million debt. (…).

Very Active Real Estate Enterprise

Solvia devoted itself to give way to the assets of Banco Sabadell flowing from non-paid loans, both from companies and individuals. Yesterday at the press conference, its chairman, Josep Oliu, boasted of the financial entity´s aggressiveness when it comes to asset allocation in the property at good pace. (…).

“During 2013 we have sold 18.000 real estate units for 3.100 millons, 34% more, designating Solvia as the most active management company in the market. The average discount is 48%, however the level of the bank´s provision on these assets is 47%” – he says.

(…) Asked about the possible sale of Solvia, (…) the chairman responds that the company “benchmarks on the Spanish real estate market, disposes of a huge platform and we are not forced to do anything.” (…).

Source: El Confidencial