Sabadell Creates Property Developer Subsidiary With Land Worth €600M

17 November 2017 – Eje Prime

Banco Sabadell wants to continue to form an important part of the world of real estate. Known for many aspects of the boom in the real estate sector, the financial company has decided to back the construction of homes with the creation of Solvia Desarrollos Inmobiliarias, its new subsidiary in the sector, into which it is going to gather land worth €600 million. Francisco Pérez, former CEO at Vertix, will be head up the new entity. He will have the power to eliminate Solvia, the group’s servicer, from all the work in this business area of the market.

Pérez will have 64 professionals at his disposal, all from Solvia, which currently has 84 developments underway and more than 4,000 homes for  sale, for which it is acting as the developer’s representative, according to El Confidencial.

The company’s headquarters will be located in Madrid, unlike those of the bank and servicer of the Sabadell Group, which have been relocated to Alicante after the political conflict in Cataluña destabilised the Spanish market.

This is not the first business operation of its kind that the entity chaired by Josep Oliu has carried out. In the hotel sector, the company extinguished Solvia Hotels to create HI Partners in 2015, a hotel subsidiary, whose management model differs little from the one that will be used in the group’s new real estate arm. Exactly one month ago, Sabadell sold its hotel Socimi to Blackstone for €630 million.

Original story: Eje Prime

Translation: Carmel Drake

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