{"id":791,"date":"2017-03-08T11:55:22","date_gmt":"2017-03-08T11:55:22","guid":{"rendered":"https:\/\/www.sareb.es\/sareb-develops-1100-homes-in-partnership-with-ten-companies-in-the-sector\/"},"modified":"2021-03-15T18:04:00","modified_gmt":"2021-03-15T17:04:00","slug":"sareb-develops-1100-homes-in-partnership-with-ten-companies-in-the-sector","status":"publish","type":"post","link":"https:\/\/www.sareb.es\/en\/sareb-develops-1100-homes-in-partnership-with-ten-companies-in-the-sector\/","title":{"rendered":"Sareb develops 1,100 homes in partnership with ten companies in the sector"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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).<\/p>\n

Images of the projects are available at www.sareb.es.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The construction work, depending on each project’s individual specifications, could be completed as of 2018.<\/p>\n

Sareb is reviewing offers for other plots which, should they go ahead, would grow the joint-venture initiative.<\/p>\n

“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”.<\/p>\n

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.<\/p>\n

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