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Sareb Sells 11 Plots Of Land In Madrid For €64.3m

21 January 2015 – El Economista

The land has capacity for 420 homes, an office building and a shopping centre

The Asset Management Company for Bank Restructurings (Sareb) has reached an agreement with CP Amenabar for the sale of 11 plots of land, for residential and commercial use, in Arroyo del Fresno (Madrid) for €64.3 million.

This agreement will allow CP Amenabar – a consortium formed by the property developer CP Grupo and the company Construcciones Amenabar – to build 420 homes, both subsidised and unsubsidised, as well as an office block and a shopping centre.

The sale in Arroyo del Fresno joins the list of plot-related transactions undertaken in recent months. Last year, Sareb awarded 190,000 square metres of land, which included the Crossover project, for more than €100 million.

A few days ago, the company chaired by Belén Romana (pictured above) closed the transaction involving the Aneto portfolio, a portfolio of loans secured by homes and plots of land prepared for the construction of buildings. The Head of Transactions at Sareb, Luis Martin Guirado, said “This transaction forms part of a strategy to create value from Sareb through the preparation of land for its development”. “The sale of these plots is a just another symptom of the improvement we are observing in the real estate market”, he said.

According to the company, this improvement allowed it to exceed the commercial objectives set in 2014. During the last few weeks of the year, the company closed wholesale transactions amounting to more than €1,000 million.

Original story: El Economista

Translation: Carmel Drake

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