19 January 2019 – El Periódico
Banco Sabadell has launched the sales process of Solvia Desarrollos Inmobiliarios (SDIN), the company that owns the bank’s land and which carries out its real estate development projects in Spain. On Friday, the entity placed the sales brochure for the firm in the hands of possible buyers, including international real estate funds, such as Cerberus, Blackstone, Värde and Oaktree, amongst others, according to confirmation provided by real estate sources. The process, regarding which the bank itself has declined to comment, could go on until April. The time necessary for buyers to express their interest and conduct analysis of the company for sale.
The process to sell the development company is beginning just a month after the bank chaired by Josep Oliu completed the sale of 80% of its servicer – real estate manager – to Lindorff Holding Spain, a company that belongs to the Swedish fund Intrum, after it fought off competition from the funds Cerberus and Centricus, which were also bidding for the real estate subsidiary. In that operation, Solvia was valued at €300 million. The price corresponded to 80% of the stake in the company, which could be increased by a maximum amount of €40 million if certain conditions, relating to the performance of some of Solvia’s lines of business, are met. The completion of the operation is scheduled for the second half of 2019.
SDIN is in the maturity period for its sale, according to sources familiar with the operation. The firm has a stock of more than 300 buildable plots, which are worth around €1.2 billion and has almost 130 developments underway across different parts of Spain, with more than 5,000 homes under construction. The size of the portfolio of SDIN, which is led by Francisco Pérez (pictured above), places it in the second league in the sector ranking, just behind the listed property developers, led by Metrovacesa, Neinor, Aedas and Vía Célere. Only Sareb has more assets (…).
Original story: El Periódico (by Max Jiménez)
Translation: Carmel Drake