• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Sareb Sells Residential Land In Madrid For €14M

13 August 2015 – El Digital de Madrid

The huge plot of land between the GAL and Vía Complutense, which covers more than 30,000 m2 in total, will house up to 351 new homes in the future. Or at least that is the hope of the company Caviglia Corporate, owned by the US property developer Turnstone Corporate, which has just completed the purchase of the plot from Sareb, the so-called ‘bad bank’ (…).

The operation, announced by Haya Real Estate, which acted as the intermediary between the owner and the buyer, has not involved the participation of the Local Council, at least publicly, since it is a private commercial transaction between two parties. However, the fact that one of them has a strong public component (at least 45% of Sareb belongs to the State through the FROB) means that special importance is conferred to the future role of the Complutense Administration.

The land is located next to the former GAL factory, where only the main façade of the building remains for its architectural value, and will adjoin Vía Complutense, the residential area built almost a decade ago now and Hotel Rafael.

The transaction, which has closed for €14 million, is one of the largest to be completed by Sareb in the Community of Madrid, where it operates through promoters such as Haya, which, in exchange for commission, tries to “place” all kinds of real estate properties, ranging from land to housing, that the ‘bad bank’ acquired from the savings banks during the economic crisis (…).

Original story: El Digital de Madrid

Translation: Carmel Drake