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Sacyr Sells Vallehermoso’s Real Estate to Sareb For €409 Mn

2/12/2014 – Expansion

Construction firm Sacyr sold assets owned by its Vallehermoso División Promoción (VdP) unit to Sareb, Spain’s bad bank, for a total of €409 million. The transaction, including land and unfinished housing developments, will allow cancellation of the outstanding debt of Vallehermoso owed to Sareb.

Likewise, Sacyr notified to the Spanish Stock Exchange Regulator CNMV of having reduced the indebtness of Vallehermoso by €549 million year-to-date, last deal included.

The sale forms a part of an orderly liquidation of Vallehermoso set to conclude at the end of 2014, as Sacyr’s chairman Manuel Manrique (pictured) informed in June. The unit has been placed on the market in October 2013 in an attempt of leaving the development and home sales business. Then, the group entered in talks with creditors to liquidate assets in its possession and cut in debt.

 

Original article: Expansión

Translation: AURA REE

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