Transaction / Assets Seller Buyer € MM
Värde Buys Vía Célere To Become Spain’s Largest Residential Property Developer
27 February 2017 – Real Estate Press
Värde Partners has purchased Vía Célere, the real estate company owned until now by the President of Asprima, Juan Antonio Gómez Pintado (pictured above). The operation was closed on Friday, however, the consideration paid has not been revealed. Gómez Pintado will manage the fund’s real estate activity in Spain. As a result of this deal, Värde has consolidated its position as the largest residential property developer in Spain.
Vía Célere currently has two property developments underway and owns land for the development of around 1,000 homes, in Madrid and Barcelona. It also owns several developments overseas, specifically, in Brazil, Bulgaria and Poland.
Vía Ágora, which owns Vía Célere and the property development companies that operate outside of Spain, recorded revenues of €83.4 million in 2015, with a net profit of €6.12 million, according to the latest accounts filed. The group’s property development activity in Spain accounted for €49 million of this revenue, with a profit of €3.5 million.
Värde already controls the property developers Dos Puntos and Aelca, along with 40% of La Finca, and with this new acquisition, it is fulfilling the objective of reaching the size that ensures a high rate of sales growth (…). The fund also manages the servicer Aliseda.
In addition to Värde, the funds Lone Star and Castlelake have also made strong commitments to the Spanish residential real estate market in recent times.
Original story: Real Estate Press
Translation: Carmel Drake