Sareb awards a new land portfolio from Project Crossover
Sareb has awarded a new land portfolio, which forms part of the sales process known as Crossover, which is valued at €43 million. The transaction was carried out via a Banking Asset Fund (FAB) –Crossover I- which will be registered with the Spanish Stock Market Commission (CNMV) – and which is comprised of urban plots of land located in Alicante (1), Barcelona (2) and Madrid (5). Sareb will own a 20% share of this new fund, which will operate like a joint venture. This transaction will allow for the development of 84,600 sq m of buildable area.
Sareb launched the Crossover project a few months ago, with the aim of driving the sale of plots of land that were primarily located in large built-up areas. The transactions closed within this project amount €108 million.
In May Sareb completed the ‘May’ portfolio, which was also carried out via a FAB. In this transaction, the company sold 17 plots of land in Alicante, (1), Balearic Islands (1), Barcelona (12) and Madrid (3), with a total potential buildable area of 106,000 sq m.
In addition to these two BAFs, the company has carried out direct land sales worth more than €7 million, within the framework of Project Crossover. These plots of land have a potential buildable area of 22,000 square metres located in Madrid.
“These transactions demonstrate the fact that Sareb’s land sales strategy is being well received by the market and confirms that institutional investors are interested in long-term real estate development”, said Sareb’s CEO, Jaime Echegoyen. “Sareb’s drive and the wide variety of assets and sales channels that it is working with, reiterates the company’s ability to be able to successfully complete the divestment mandate that it has been allocated”, he added.
So far this year, Sareb has completed another two large wholesale/institutional transactions, the Klauss portfolio (loans linked to medium-sized companies) and the Dorian real estate portfolio (apartments to let). In terms of the retail market, the company sold 5,175 properties in the first quarter of the year.
