12 February 2016 – Expansion
Solvia, the real estate division of Banco Sabadell is negotiating the sale of 1,700 square meters of office space in the building located at number 1 of Valencia´s Colon street, one of the main shopping streets of the capital. The property is part of the 42,900 assets portfolio coming from SAREB whose management was awarded to the company just over a year ago as part of the first phase of Proyecto Íbero. The Real Estate Company has set a price of 2,000 € per square meter, market sources suggest.
The ground floor and first two floors of the building are at present held by El Corte Ingles, while the upper floors have professional offices and several corporate headquarters. The site managed by Solvia has 1,700 square meters on the fourth floor.
Asked about this, Solvia told this newspaper that the property has already drawn the attention of some investors of Asset Management profile, interested in acquiring assets and make them profitable. Since last year, the Real Estate Co. has focused its strategy on the management of these assets. In fact, it notes that 36% of its customers are already investors of this type, which are gradually gaining ground due to completed home sales.
The portfolio awarded to Solvia in which this asset is included is formed by properties coming from Bankia as well as loans and property acquired from Banco Gallego and Banco Ceiss. More than 33,000 of the nearly 43,000 assets in the portfolio are properties.
At the time of transfer to SAREB, assets were valued at EUR 7,000 million, according to the methodology established by the Central Bank of Spain. They are mainly located in Madrid, Valencia, Catalonia, Galicia and Castilla-Leon.
Original story: Valencia Plaza (by Xavi Moret)
Translation: Aura Ree