Sareb develops 1,100 homes in partnership with ten companies in the sector
Sareb has identified a total of 19 plots from its property portfolio for ten selected companies to develop real estate projects, either via joint ventures or swaps.
This project forms an integral part of the company’s strategy to increase the value of their assets and better implement their divestment mandate. The initiative is driven by local and national developers, who have been selected in a competitive tendering process after presenting their building projects; many of which will add value to their local surroundings.
The plots selected have a residential use land classification and together, it is estimated that the total buildable area could accommodate some 1,100 homes. The plots involved in this transaction are located in Andalusia (4), Madrid (4), Catalonia (3), the Balearic Islands (2), Aragon (2), the Community of Valencia (2), Asturias (1) and Castilla y León (1).
Images of the projects are available at www.sareb.es.
The developers appointed are Grupo Brial (with 4 developments), Construcciones Amenabar (3), Grupo Bertolín (3), Inmobiliaria del Sur (1), Aldesa (1), Aelca (3), Desarrollos y Construcciones Fomex (1), Atica (1), Monthisa (1) and Sequoia Desarrollos Inmobiliarios (1). A competitive tendering process was organised to select the developers, with 76 candidates taking part. Irea and three of Sareb’s servicers (Altamira, Servihabitat and Solvia) helped with the selection process.
Most of the offers selected are based on a joint-venture format, whereby Sareb retains ownership of the asset, whilst the development partner provides part of the investment and is responsible for the construction.
Five developers opted for the financial swap option in order to maximise their return. This alternative involves an outright purchase by the development partner. The price that Sareb receives for the plot is fleshed out later on by a percentage of the revenues obtained when the homes are sold.
The construction work, depending on each project’s individual specifications, could be completed as of 2018.
Sareb is reviewing offers for other plots which, should they go ahead, would grow the joint-venture initiative.
“The plots and projects put on the market were selected in terms of the efficiency, commercial feasibility and technical quality of the proposals”, said Juan Dios, Portfolio Manager at Sareb. He also added: “As well as increasing the value of the assets that we have received, we work to stimulate local economies and help to reactivate demand in markets where there is less supply”.
This initiative forms part of Sareb’s policy to create value and work with local construction companies and developers, a key component for a recovery in the real estate sector. In 2015, Sareb announced its plan to develop 13 plots of land, some of which are now already being marketed. Furthermore, since its creation, the company has completed a total of 46 developments which came on to its books as unfinished, and as a result has put 1,000 new homes on the market.
Information by area
- Among the assets in Andalusia, a large plot of land in Marbella (Málaga) is particularly noteworthy, where 120 homes are in the pipeline. Other emblematic sites include the plot fronting onto Calle Luis Montoto near Seville’s old town and the property located in Málaga’s Plaza del Teatro, which features a nineteenth-century listed façade.
- In Madrid some 130 homes are scheduled for construction, almost half of which will be in the Las Margaritas district (Getafe). The rest are spread between Boadilla and the districts of Delicias and Carabanchel, to the south of the city.
- The largest plot allocated in Catalonia is located in Barcelona’s 22@ District, a stone’s throw from the Museo de Diseño and the Agbar tower. Here, 66 homes will be built, whilst the rest will be spread between the plots at Sabadell and Torredembarra (Tarragona).
- In Aragon, Grupo Brial is to build some 100 homes in Zaragoza on some plots owned by Sareb near the Delicias train station and the Plaza de las Catedrales.
- Grupo Brial will manage the construction of nearly 60 homes in Palma de Mallorca, almost all on one plot in the Plaça de Toros district.
- The agreements reached with Aelca and Atica allow for the construction of over 100 homes in the Community of Valencia. Most units will be built on one of Valencia’s newest developments, in the Campanar Norte area. The other project in the region is located between Campello and Alicante, very close to the coast.
- The only plot in Castilla y León is located in the V-1 Local Level Plan (Plan Parcial V-1) in Burgos, which extends the city to the northeast. The construction company Aldesa will build fifty residential properties here.
- The only plot in Asturias is in Oviedo, where the construction company Fomex will build some 60 homes in Prados de la Fuente. This is a development in the city’s expansion area bordered to the north by the Naranco Mountain, which puts a stop to any further urban development.
Projects and selected developers:
|Developer selected||Plots||No of homes|
|Construcciones Amenabar||Málaga (Marbella)||123|
|Construcciones Amenabar||Madrid (El Rosón-Getafe)||61|
|Construcciones Amenabar||Barcelona (Glories)||66|
|FOMEX||Oviedo (Prados de la Fuente)||61|
|Grupo Bertolín||Tarragona (Torredembarra)||30|
|Grupo Bertolín||Madrid (Carabanchel)||35|
|Grupo Bertolín||Madrid (calle Tarragona)||10|
|Grupo Brial||Zaragoza (Avda. Cataluña)||21|
|Grupo Brial||Palma (Josep Balaguer)||47|
|Grupo Brial||Palma (Ronda Albufera)||11|
|Grupo Brial||Zaragoza (Juan XXIII)||72|
|Inmobiliaria del Sur||Málaga (Plaza del Teatro)||58|
|Monthisa||Sevilla (Luis Montoto)||84|
|Sequoia Desarrollo Inmobiliario||Madrid (Boadilla)||22|