Sareb has sold a 14,400 sqm plot of land in Madrid, earmarked for the construction of a business park, to Grupo Insur. The plot of land is located on Paseo de los Melancólicos, close to the Manzanares river and inside the M-30 ring road. With a buildable area of almost 27,000 sqm, the plot of land can house nine above-ground floors, plus several below-ground floors for parking.
The transaction, which was completed via Solvia, one of Sareb’s servicers, highlights the value of an asset located in an area which is up and coming thanks to the Madrid Río Project and its regeneration of the Ribera del Manzanares. As a result of the plot’s location next to the Mahou-Calderón Project and its proximity to the Royal Palace, this asset is well-connected and surrounded by a consolidated urban area, offering a wide range of businesses and services.
This deal has been signed just as the office segment has begun to pick up, following a sharp drop in the vacancy rate, especially in the main markets: Madrid and Barcelona.
In H1 2016, Sareb sold a total of 625 plots of land throughout Spain, both from its own portfolio and its debtors’ balance sheets. The regions that registered the most land sales in H1 2016 were the Community of Valencia, Catalonia, Murcia and Andalusia.
In H1 2016, Sareb sold a total of 5,590 assets (residential, land and commercial). The company booked almost euro 1,400 million during this period, with loan management accounting for a large percentage of this (52.4% of revenue), and the remainder corresponding to the sale of both properties (26%) and loans (almost 20%).