• Transaction / Assets
    Residential plot on c/Ramón Carande (Sevilla)
  • Seller
    Town Hall of Sevilla
  • Buyer
    Insur
  • € MM
    63 built homes, 3 retail premises & €3.5M

Town Hall of Sevilla Grants Plot to Insur in Exchange for 63 Homes, 3 Retail Premises & €3.5M

6 July 2018 – Inmodiario

The Town Hall of Sevilla, through Emvisesa, and the company Inmobiliaria del Sur (Insur) have formalised an operation to exchange a plot of land on c/Ramón Carande included within the strategy to urgently expand the public housing stock and approved by the Town hall with a final value of €11.2 million, excluding the investment that the company will make to develop the land acquired.

In this way, and following a public tender, the city is exchanging a plot of land worth €7 million on which it will build up to 68 homes, for 63 constructed and completed homes, plus three commercial premises, a plot of land for 135 flats and €3.5 million.

“This is an innovative project of a social nature, which we launched with the backing of the Town Hall at the start of the mandate and which is now a reality. It is a good agreement for the city, which allows us to respond to an urgent need: to expand the public housing stock immediately”, explained the Mayor of Sevilla, who participated in the event at which the exchange agreement was signed together with the Delegate for Social Well-being and Employment, Juan Manuel Flores; the Delegate for Urban Living, Tourism and Culture, Antonio Muñoz; the Manager of Emvisesa, Felipe Castro; and the President and CEO of Inmobiliaria del Sur, Ricardo and Francisco Pumar.

Upon signing the agreement, the company handed over the 63 completed homes to the Town Hall. They are ready for the tenants to move into and 51 of them are located in the same block, on Avenida de Andalucía. They have a total appraisal value of €6.5 million.

The local government, through Emvisesa, is already working to formalise the change in rating from sale to rental and to complete their award (to their new tenants) as soon as possible with the following split: 70% will be allocated to young people recorded in the claimants register and the remaining 30% will be social housing properties based on criteria established by Social Well-being.

Similarly, three commercial premises are being incorporated into the town hall’s portfolio, which will be marketed as part of the municipal employment programs. A plot of land in Valdezorras is also being incorporated, where 135 more affordable homes may be built, which will be executed by Emvisesa.

Finally, Emvisesa will also receive €1.2 million from this operation, which will be used to purchase empty Emvisesa homes that have a total budget of €1.5 million and which already has 25 homes appraised and valid for acquisition. The remaining €2.3 million will be used for renovation projects, such as the new inter-generational housing block on c/García Ramos.

Original story: Inmodiario 

Translation: Carmel Drake

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