Tag: Atica

Neinor & Ática Pull Out of the Bidding for the Mestalla Plots

14 November 2018 – Eje Prime

Neinor and Ática have pulled out of the bidding for the Mestalla plots. The two property developers have decided not to formalise their interest in the land that Valencia Football Club has put up for sale during the period for the presentation of non-binding offers, which terminated on Tuesday.

In the case of the property developer led by Juan Velayos, the listed company has decided not to formalise its interest due to the high percentage of land assigned for tertiary use that VFC has put on the market; it is not offering the option for interested parties to bid for each use separately. Of the 100,000 m2 in total, approximately 40% will have to be used for commercial purposes or as offices or hotel rooms.

The withdrawal of Grupo Ática, by contrast, is based on the complexity of the operation. In its case, the candidates, which were thought to include a fund as a financial partner for the Valencia-based property developer, have considered the transaction to be too high risk, according to sources speaking to València Plaza.

The candidates that are still aspiring to take over the land include the Valencian investor group Atitlán, the fund Cerberus, the property developer Aedas and the Valencian construction company Bertolín. Nevertheless, Deloitte is planning a new bidding period during which the candidates who want to continue in the process will have to convert their bids into binding offers, a commitment that they will have to make before the end of the year, on the basis of what has been seen to date.

Until now, the club has not set a price for its plots, but it estimates that the land is worth around €120 million.

Original story: Eje Prime

Translation: Carmel Drake

Sareb Teams Up With RE Companies To Build 1,100 Homes

28 September 2016 – Diario Vasco

Sareb has chosen 19 plots of land from its portfolio, which have the capacity to house around 1,100 homes, for which it will team up with a dozen companies from the real estate sector to develop projects under both co-investment schemes as well as through direct sales.

Sareb explained in a statement published on Tuesday that this project forms part of the strategy that it is pursuing to revalue its assets and better execute it divestment mandate.

In this case, Sareb’s initiative is being driven in conjunction with several selected companies: Grupo Brial (with 4 developments), Construcciones Amenabar (3), Grupo Bertolín (3), Inmobiliaria del Sur (1), Aldesa (1), Aelca (3), Desarrollos y Construcciones Fomex (1), Atica (1), Monthisa (1) and Sequoia Desarrollos Inmobiliarios (1).

According to Sareb, the winning property developers were chosen after a competitive process was held, in which 76 candidates participated. It added that it has been supported in the selection process by Irea as well as by three of its management companies (Altamira, Servihabitat and Solvia).

The 19 plots of land that Sareb has chosen from its portfolio have a combined buildable surface area that the bad bank estimates has the capacity to house around 1,100 homes.

The plots of land in this operation are located in Andalucía (4), Madrid (4), Cataluña (3), Baleares (2), Aragón (2), Comunidad Valenciana (2), Asturias (1) and Castilla y León (1).

Sareb explained in its statement that most of the offers from the selected companies reflect a co-investment model, whereby the bad bank will retain ownership of the asset, and the property developers will contribute some of the investment funds and take responsibility for the construction the properties.

In five cases, Sareb has opted for a “financial swap” to maximise the economic return. It explained that this alternative involves the property developer partners buying the assets outright.

The price that Sareb is receiving for the land will be complemented in the future by a percentage of revenues from the sale of the homes.

The construction works are expected to be completed from 2018 onwards, depending on their characteristics.

Sareb is evaluating offers for other plots of land, which, if they go ahead, would further expand the perimeter of the co-investment initiative.

“The plots of land and projects that have been put on the market have been selected in accordance with criteria of efficiency, commercial suitability and the technical quality of the proposals”, said the Director of Direct Management at Sareb, Juan Ramón Dios.

In 2015, Sareb announced the development of 13 plots of land, some of which are now being sold.

Morever, since its creation, Sareb has completed 46 developments that it received in an unfinished state, and as a result, has already put around 1,000 new homes on the market.

Original story: Diario Vasco

Translation: Carmel Drake