25 November 2015 – Expansión
The bad bank has announced that it will construct 783 homes and 1,200 parking spaces.
Sareb considers that the recovery of the Spanish real estate market makes now the right time to resume the construction of several developments. In this context, the so-called bad bank is getting down to work to begin construction on thirteen of the plots of land it holds on its balance sheet. According to Sareb, it is focusing on those areas that “have been identified as representing outstanding commercial opportunities”.
The thirteen plots are located in Madrid, Barcelona, Valencia, Málaga, Sevilla, Alicante and Pontevedra and have a total surface area of 134,000 m2. Sareb will construct 783 homes and 1,200 parking spaces on these plots. It points out that these homes are designed to be primary residences.
The estimated cost of undertaking this work is €110 million and construction, which will start in December, will be completed before the end of 2017.
Three of Sareb’s servicers, Solvia, Altamira and Servihabitat, will be involved in the management of these 13 developments, as the technical administrators. Specifically, Solvia will manage 10 of the thirteen developments.
Original story: Expansión
Translation: Carmel Drake