Valladolid City Council Swaps Assets With Sareb in €6.8 Million

18 December 2019 – The City of Valladolid has reached an agreement with Sareb to exchange several plots of land in Viveros, Avenida de Burgos and Cuarteles for a plot of land housing the former school El Salvador, in a deal worth 6,850,065.50 euros. The agreement had been conditioned on the value of the land received not exceed the appraised value of the school land, estimated at €7.4 million. The property had debts of more than 20 million euros.

The city plans to build a new Justice Campus on the school grounds, while Sareb will develop subsidised housing on the plots of land.

Original Story: El Diário

Adaptation/Translation: Richard D. K. Turner

Grupo Lar to Create New Investment Vehicle With €1 Billion in AUMs

24 October 2019 – The developer Grupo Lar is studying whether to incorporate a new socimi for its rental housing business. The new investment vehicle would have more than €1 billion in assets, including more than 5,000 homes. Yesterday, Grupo Lar announced that it would start work on a project to build 66 rental homes in Valladolid, in an initial investment of nine million euros.

The development is part of the firm’s initial strategic plan to build 500 rental homes. Grupo Lar also has two other projects under development in Parla and Móstoles.

The company is studying the best investment structure for the new vehicle, potentially creating a new socimi.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Vega Sicilia’s Owners Enter Real Estate Sector with Pavalgan

4 May 2018 – Eje Prime

From wine to real estate. The Álvarez family, owners of the Spanish winery Vega Sicilia, have created Pavalgan, a real estate company through which they will convert unique buildings into luxury homes. The company has already closed its first project in Valladolid.

Pavalgan is going to make its debut with a building dating back to 1860, located at number 5 Calle Claudio Moyano in Valladolid capital. Marketing of this residential development will begin shortly, according to Cinco Días.

The new real estate company is going to be led by one of the sons of Pablo Álvarez, CEO of Vega Sicilia, Juan Carlos Álvarez Esteban, who will be advised by his Project Director, the architect Miguel Maldonado. The first project is going to be carried out by Rafael Robledo’s architecture firm, which specialises in the renovation of old buildings.

Original story: Eje Prime

Translation: Carmel Drake

Vía Célere Buys Land In Madrid, Sevilla & Valladolid For €36.1M

21 September 2017 – Expansión

Vía Célere, the real estate company acquired by the fund Värde Partners in February, has completed a new land purchase. Specifically, the property developer led by Juan Antonio Gómez-Pintado has bought three new plots of land, located in Getafe (Madrid), Sevilla and Valladolid, for a combined total of €36.1 million.

The greatest investment has been made in the Andalucían capital, where Vía Célere has acquired 150,000 m2 of buildable land, which will allow it to construct 1,700 family homes. It has spent €26.5 million on those plots.

In the case of Madrid, Vía Célere has paid €7.6 million for 21,000 m2 in Getafe, with the aim of building 158 family homes, whilst in Valladolid, the company has bought 4,400 m2 of land, for €2 million, where it will construct up to 39 homes.

With these latest purchases, Vía Célere has now spent €130 million buying up land in 2017, which has allowed it to expand its portfolio by almost 400,000 m2. Currently, the real estate company backed by Värde owns around 1.35 million m2 of residential land, making it one of the largest owners of this kind of asset in Spain.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Socimi Inmofam 99 Will Debut On The MAB On 21 Dec

19 December 2016 – Finanzas

The Socimi Inmofam 99 will debut on the Alternative Investment Market (MAB) on Wednesday 21 December, at a price of €17.60 per share, according to the BME.

This price values the company at €38.83 million. Inmofam 99 owns a portfolio of retail premises located on the main shopping streets of a number of Spanish capital cities, as well as one residential building in Oviedo.

The portfolio includes a shop on Calle Raimundo Fernández Villaverde in Madrid and another two on Paseo Zorrilla in Valladolid.

On the financial side, Inmofam 99 has two loans, granted by the entity Banca March and both are secured by mortgaged assets. The first, amounting to €2.48 million, expires in December 2019 and €1.72 million has been drawn down to date. The other, amounting to €3.90 million, matures in 2022 and €3.12 million has been drawn down so far.

This is the 27th Socimi to debut on the MAB in 2016 and, like its predecessors, it will begin trading by means of a price fixing system.

Original story: Finanzas

Translation: Carmel Drake