The portfolio is valued at € 322 million, according to Director for Land business of Sareb. He also assured that the sale would be accomplished with help of Aguirre Newman.

The project, assigned as “Crossover“, was intended for developers and funds and it offered an option of creating a “menu portfolio” so that the investors could choose the most suitable land for them. However, the maximum offering price could not overcome €100 million.

Discounted amount depends on the purchase volume. The minimun purchases to file for a discount is ought to be at least €5 million. Up to 30% discount will be applied in case of €100 million offers. What is more, Sareb grants additional discounts in accordance to the payment method chosen by the buyer. Each investor shall pay at least 55% of the transaction at the moment of signing the sales contract. In case the purchaser defers the remaining payment during a year, he will obtain an additional discount of 3% and if they pay all in cash, the discount will rise to 6%.

Fernández del Viso from Sareb explained that the operation, ending in December, consist of a land portfolio of well situated and demanded plots in Barcelona (city), Madrid (city and surroundings) and along the Spanish coast. Inside the Crossover Project Sareb offers 205.269 square meters of land in Madrid, 117.097 m2 in Cadiz and 100.329 m2 in Alicante. When it comes to developable area, Sareb puts on sale 265.091 m2 in Madrid, 87.832 m2 in Barcelona, 88.769 m2 in Alicante and 54.597 m2 in Cadiz.

Below we feature a chart with locations of the land Sareb put on sale, together with square meter and developable area they occupy:



Castlelake accquired a vast part of “Crossover” portfolio, consisting of 17 developable plots which are found in Madrid, Barcelona, Alicante and the Balearic Islands for €80 million.

Related post on Aura´s webpage:  http://www.auraree.com/real-estate-news/sareb-sells-e80-mn-worth-land/


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