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

Cerberus, Aedas & Neinor Compete to Acquire the Mestalla Plots in Valencia

5 November 2018 – Eje Prime

Three great players want to score a goal on the grounds of the Mestalla stadium. The US fund Cerberus and the Spanish property developers Neinor Homes and Aedas Homes are interested in acquiring the more than 100,000 m2 of residential and tertiary land that Valencia Football Club is going to release when it demolishes its stadium, according to València Plaza.

The process to sell the land, which is being led by the consultancy firm Deloitte, has already received interest from up to 25 companies, as the Director General of Valencia FC, Mateu Alemany, explained to the press last week. The value of the plots amounts to €120 million, although the club has not revealed the exact price for which it plans to sell them.

Located on Avenida Aragón, the Mestalla land will have a new owner before long. The funds and property developers that want to invest in this operation have until 8 November to place their non-binding offers on the table, with the obligation to convert them into binding offers by the end of the year.

The interest from Neinor and Aedas in these plots is in line with their investments in the Community of Valencia. In the case of the property developer led by Juan Velayos, the company already has €200 million committed in the region. Last week, Neinor announced the launch of its first 48 homes in the provincial capital, where it is now working to obtain the licence for a second development comprising one hundred homes in Quatre Carreres.

Meanwhile, Aedas is planning to build 500 homes in the Community of Valencia and has already started marketing 120 units, distributed over two blocks, which are going to be built very close to the Ciudad de las Artes y las Ciencias. The US firm Cerberus would undertake this purchase through its property developer Inmoglacier, which opened its first office in the city opposite the Mestalla stadium at the end of October.

Several local players including Atitlán, the investment firm owned by Roberto Centeno and Aritza Rodero, Grupo Ática and the construction firm Bertolín are also on the list of candidates who want to buy Valencia FC’s former grounds.

Original story: Eje Prime

Translation: Carmel Drake