Tag: Mestalla stadium

The Sale of FC Valencia’s Mestalla Stadium Stalls Due to Divergent Price Expectations

6 March 2019 – Las Provincias

FC Valencia was hoping to close the sale of its Mestalla stadium by March of this year with the help of Deloitte, but a deal now seems a long way off after the comprehensive selection process undertaken by the audit firm failed to identify any bids that meet with the price expectations of the Mediterranean Club.

FC Valencia was hoping to obtain around €120 million for the plot, funds that it planned to use immediately to resume the construction of its new stadium, whose development has been suspended since February 2009 due to a lack of money. Three final round candidates were selected by Deloitte but none of their offers reached €100 million, let alone €120 million. In fact, all three bids fell well below, ranging between €70 million and €85 million.

Bankia is watching this process closely given that the football club still holds debt with the financial institution (mortgaged on the land). Time is running out for the football club. According to the timetable agreed with the Town Hall, the stadium on Cortes Valencianas must be finished by May 2021 and the former Mestalla demolished by 2023.

Original story: Las Provincias (by H.E. & C. V.)

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