Sareb Sells 14,400m2 Plot Of Land In Madrid To Insur

12 December 2016 – La Opinión De Málaga

Sareb has sold a plot of land in Madrid measuring 14,400 m2 to the Andalucian real estate company Grupo Insur for the construction of a business park. The land is located on Paseo de los Melancólicos, close to the Manzanares River and inside the M-30 ring-road. With a buildable surface area of almost 27,000 m2, the plot has the capacity to house nine above ground floors, plus several underground parking floors, according to Sareb.

The operation, which has been conducted through Solvia, one of Sareb’s property managers, generates value from an asset located in an sought-after area, following the renovation of the Manzanares riverbank thanks to the Madrid Río operation.

“This asset is located next to the plots of land that form part of the Mahou-Calderón operation and is close to the Palacio de Oriente. It is well connected and is surrounded by an established urban network, which offers a wide variety of shops and services. The current sale comes in the context of the reactivation of the office segment, driven by a notable decrease in the availability of such assets, in particular in the primary markets of Madrid and Barcelona”, said the company. During the first six months of 2016, Sareb sold 625 plots of land across Spain, from both its own portfolio as well as from the balance sheets of its debtors. Most of these operations were closed in: Community of Valencia, Cataluña, Murcia and Andalucía.

Overall, during the first six months of the year, Sareb sold 5,590 properties (residential assets, land and tertiary properties) and recorded revenues of almost €1,400 million. 52.4% of those revenues were generated from the management of its loans and the remainder from the sale of both properties (26%) and loans (almost 20%).

Original story: La Opinión De Málaga

Translation: Carmel Drake

Grupo Insur’s Revenues Up By 23% To €30.8M

2 November 2015 – Diario de Sevilla

The economic recovery is boosting the results of Inmobiliaria del Sur (Grupo Insur). The company led by Ricardo Pumar recorded a net profit of €1.2 million during the first nine months of the year, compared with a loss of €522,000 in the same period last year. Moreover, the company’s turnover recorded double-digit growth, to reach €30.8 million, which represented an increase of 23.2%, according to a statement filed with Spain’s National Securities Market Commission (CNMV) on Friday.

The company’s EBITDA amounted to €7.91 miillion during the first nine months of the year, which represented an increase of 23.8% with respect to the same period last year.

The business growth is being driven by the recovery of the property development business line, whose turnover increased by 39.5% to amount to €21.3 million. Moreover, the group has an accumulated pipeline in the form of contracts and upcoming projects amounting to €61.9 million, i.e. 23% more than at the end of Q3 2014, which are not included in turnover. Of that amount, €25.1 million relates to developments that are expected to be completed before the end of the year, which will therefore be included in the total turnover figure for 2015. For the company, these figures “demonstrate the strong increase in commercial activity in this business segment, whose recovery began during the first quarter of 2014.

In the asset management business line, turnover amounted to €8.6 million, down by 1.75% compared with 2014. Meanwhile, turnover from the construction and management business line decreased by 12.8% to reach €811,000.

According to the company, the proceeds obtained do not reflect a “strong recovery” in its commercial activity, given that the long maturity period of its projects in the real estate development segment mean that the “substantial” improvement in the level of commercial sales “is not immediately reflected in the income statement”.

The Board of Directors recently approved the Strategic Plan for the period 2016–2020. During the first three quarters of 2015, the group has continued to invest in new plots of land, as part of its strategy to re-launch its development activity, with the injection of €37 million through subsidiaries in which it holds a 50% stake.

Finally, as part of its strategy to undertake some of its activity in the property development segment through joint businesses, the company has created two new subsidiaries, in which it holds 50% stakes, to construct two major residential projects, with an investment of more than €17 million.

Original story: Diario de Sevilla

Translation: Carmel Drake

Grupo Insur Buys 2 Residential Plots From Sareb

20 August 2015 – Málaga Hoy

Grupo Insur, has acquired 2 residential plots of land in Marbella, through its subsidiary IDS Residencial Los Monteros, whereby expanding its presence in the capital of the Costa del Sol.

The plots of land are located in the ‘Urbanización Altos de los Monteros’ (pictured above), which is known for having a low building density, but lots of villas. It is located in the north east of a prestigious enclave, surrounded by the Río Real and Santa Clara golf courses, as well as by green areas. The maximum permitted buildability of these plots exceeds 50,000 m2 (covered area) and the permitted building type is “Mediterranean town” (i.e. attractive, white-washed, low-rise houses).

Grupo Insur has plans to develop an attractive residential project on these plots, aimed primarily at the international market. The first developments are expected to begin in 2016.

In addition, the group is currently promoting and constructing four developments in Marbella – three in the popular Urbanización Los Naranjos de Marbella containing 67 homes; and a fourth, containing 44 homes, in La Cerquilla de Banús, known as Alminar de Marbella.

Original story: Málaga Hoy

Translation: Carmel Drake