• Transaction / Assets
    Fbex Towers, Canet
  • Seller
    Sareb & Solvia
  • Buyer
    Flor Azahar Real Estate
  • € MM

Solvia & Sareb Sell the Fbex Towers in Canet for €12M

3 December 2018 – Levante EMV

The property developer Flor Azahar Real Estate has reached an agreement with the Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) and Solvia to purchase the two 19-storey towers in Canet (Valencia) for €12 million. The towers are in the middle of being constructed following the burst of the real estate bubble, according to reports from Expansión. Construction of the properties, a skeleton that currently comprises 14 storeys, has been suspended since the property developer responsible for their construction filed for creditors’ bankruptcy with just 25% of the project executed. The original plans involved the construction of two 20-storey towers, joined at the top.

The original property developers were the Catalan firm Fbex and Caja España. The property developer Flor Azahar Real Estate has joined forces with the US fund Oak Hill to carry out this project. The new development will involve the construction of 19-storeys with 276 homes in total and a budget of €42 million. The plot has a buildability of 25,133 m2.

Original story: Levante EMV (by J.B.)

Translation: Carmel Drake