Aelca to Manage Sareb’s Land After Selling its own Assets to Vía Célere

2 October 2018 – El Economista

The property developer Aelca has sold its entire asset portfolio to Värde, including its land and developments in progress, which are going to be integrated into Vía Célere. Nevertheless, far from disappearing from our radars, the company founded by José Juan Martín and Javier Gómez is going to continue operating and, for the time being, is going to do so linked to Sareb, according to explanations provided by several sector sources speaking to this newspaper.

The company has been negotiating with the bad bank for months to sign an alliance that would turn it into the manager of a portfolio of land worth €800 million. At the outset, Sareb structured the operation in a different way, since its initial objective involved injecting those assets into a listed industrial company or one with concrete plans to debut on the stock market, to give liquidity to the land.

Nevertheless, Sareb’s plans for its property developer business took an about turn after both Aedas Homes and Vía Célere took the decision to exit the process in which they were finalists together with Aelca. In addition, the intentions of Värde, the main shareholder of both Vía Célere and Aelca, to integrate the assets of the latter into the former, were revealed, giving rise to the large property developer in Spain by asset volume, with a gross asset value (GAV) of €2.2 billion.

In this context, Sareb and Aelca sought a formula that would allow them to continue with their future partnership. And that involves creating a company with the bad bank’s property development business, in which it will hold a majority stake and Aelca will serve as the industrial partner and manager of the assets. Thus, according to the same sources, the most likely scenario is that a banking asset fund (‘fondo de activos bancarios’ or FAB) will be created, which will include land and residential projects from Sareb worth €800 million, in which the company chaired by Jaime Echegoyen will own around 90% and Aelca will acquire the remaining 10%.

On the other hand, the same sources state that Aelca will continue to buy land and build developments independently of Sareb. In this business, the founders of the real estate firm enter into play again, who despite having sold their stakes to Värde, will continue to be associated with the fund “to support the company as an independent manager and developer of residential properties in Spain”, explains the firm in a statement.

After the transaction, Javier de Oro will take on the role of Director General at Aelca, having served as Head of Real Estate at Aliseda, the exclusive administrator of Banco Popular’s real estate assets at risk.

Vía Célere, founded and chaired by Juan Antonio Gómez Pintado, will retain its identity and its 300 employees; depending on its on-going needs, it will resize its structure over the next few months. The new company will have the capacity to deliver around 2,000 homes in 2019 and 5,000 homes in 2021, with a more diversified portfolio, although ,most of its land is located in Madrid (38%), Málaga (20%) and Barcelona (11%), three of the markets with the highest demand.

Following the integration of Aelca’s assets, Värde will control 75% of Vía Célere, and the remaining 25% will be distributed between minority shareholders (Marathon, Attestor, BAML, Barclays, DB and JPM).

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Lar España Sells 2 Out-of-Town Stores in Pamplona to AEW for €11.5M

3 August 2018 – Eje Prime

Lar España is continuing its selling spree. The Spanish Socimi has divested two out-of-town stores in the Parque Galaria Retail Park in Pamplona for €11.5 million. The buyer is the company Fructiregions Europe, owned by the fund AEW, which has acquired a gross leasable area (GLA) of 4,108 m2, according to a statement filed by Lar with Spain’s National Securities and Exchange Commission (CNMV).

With this operation, the Socimi is strengthening its divestment and asset rotation plan, which it currently has underway and which has allowed it to raise up to €276.5 million to “focus its efforts on strategic commercial assets”, according to explanations from the company.

For the assets sold in Pamplona, Lar España has managed to obtain profits of 37% with respect to the €8.4 million that it paid for them in July 2015. In total, the two out-of-town stores occupy a gross leasable area (GLA) of 4,108 m2.

As well as divesting its non-strategic assets, Lar España has launched a three-year plan that includes the purchase of strategic commercial assets, such as the deal it carried out recently with the Rivas Futura Retail Park (Madrid), which it acquired for €62 million, and the Abadía Shopping Arcade (Toledo), which it purchased for €14 million.

In total, the Socimi has funding to invest €247 million in commercial developments. Examples include Palmas Altas in Sevilla, which will open its doors in 2019, and for whose construction the company has raised almost €100 million in bank financing; and Vidanova Parc, in Sagunto (Valencia), which recently debuted its first phase. Moreover, Lar España is going to spend €49 million on the renovation of retail assets that it holds in its portfolio.

After divesting its logistics portfolio a few weeks ago, for which the fund Blackstone paid €120 million, Lar España now has 18 real estate assets in its portfolio worth €1,401.5 million, of which €1,136.5 million correspond to shopping centres, equivalent to 81% of the total. 6% of the portfolio comprises office buildings, worth €85 million, and the remaining 13% belongs to the residential market, where the company has €180 million in developments under construction.

Original story: Eje Prime

Translation: Carmel Drake

Quabit Revises Upwards Its Business Plan: 7,880 Homes By 2022

20 November 2017 – Eje Prime

The property developer Quabit is optimistic about its future. The company has reviewed upwards its business plan for 2017-2021, in such a way that it has almost doubled the objective for the number of new homes that it plans to construct during the period. It now plans to build 7,880 units, up from 4,100 estimated initially, according to a statement filed with Spain’s National Securities and Exchange Commission (CNMV).

The company, which is controlled and chaired by Félix Abánades, has increased its forecasts after securing new lines of financing and buying land for lower prices than initially forecast, and in light of the predictions for the continuous improvement and recovery of the real estate sector in Spain.

So far this year, Quabit has purchased land amounting to almost €150 million, and as such, the firm currently owns a land portfolio spanning almost 1 million m2, which, it says, already guarantees the construction of 6,720 new homes.

The latest plots have been acquired through a mixed payment system, which includes resources raised from an investment fund and shares in the company. To this end, its Extraordinary Shareholders’ Meeting has just approved a series of capital increases.

For the time being, the property developer currently has 18 developments under construction and/or for sale, comprising around 1,655 homes.

Original story: Eje Prime

Translation: Carmel Drake

Martinsa Puts New Batch Of Assets Up For Sale For €57M

4 January 2017 – Expansión

Martinsa Fadesa’s bankruptcy administrators have put a batch of land, homes and work in progress developments up for sale for a combined price of €56.7 million.

The assets put on the market as part of the liquidation of the real estate company are located in: Murcia, Valencia, Fuerteventura, Madrid, Toledo, Huelva, Las Palmas and Málaga, according to official data.

The largest asset, which has been put up for sale for €32 million, corresponds to the Atalaya Dorada plot of land, located in the municipality of La Oliva, just a few kilometres away from the Dunas de Corralejo Natural Park, in the north of the island of Fuerteventura.

The plot may house homes, a golf course, and buildings for hotel and tertiary use.

The current administrators of the company have also put up for a sale another plot of land in the Canary Islands, located in Las Palmas de Gran Canaria, for €21.4 million.

The property is located in Barrio de Guanarteme, around 100m from Playa de Las Canteras and next to its future extension.

Meanwhile, the company has put a property near the Guadalhorce reservoir in Antequera (Málaga) up for sale for €2.2 million.

The property, which may be used for recreational and agricultural activity, has a surface area of approximately 334 hectares and borders the Guadalhorce Reservoir and the Torcal de Antequera.

In addition, the bankruptcy administrators of the former real estate company have put two homes in Molina De Segura (Murcia)up for sale, as well as two homes under construction in La Pobla De Vallbona (Valencia), six bungalow type townhouses in the municipality of La Oliva (Fuerteventura), and a 168m2 home and parking space in Madrid.

A terraced home in Illescas (Toledo) has also been put on the market, along with a terraced house in Ayamonte (Huelva) and three plots of land in La Pobla De Vallbona (Valencia).

Interested investors are invited to submit their offers by 20 January.

On 11 March 2011, an agreement was approved for Martinsa to pay €7,200 million of debt over a 10-year period without any discounts. Nevertheless, the company’s breaches and lack of liquidity forced it to file for liquidation in 2015.

Martinsa Fadesa’s bankruptcy administration team comprises Antonia Magdaleno, Ángel Martín Torres, as representative of KPMG Auditores –appointed by the CNMV-, and Antonio Moreno Rodríguez, as representative of the creditor Bankinter.

The liquidation of Martinsa Fadesa may be completed in 2017 and once the creditors have been returned the “present value” of the assets that they financed, according to sources close to the process.

Original story: Expansión

Translation: Carmel Drake