The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has sold four residential use plots of land located in Boadilla del Monte (Madrid) to the fund Castlelake. The transaction was completed for a total of more than €13 million and confirms the growing interest in acquiring land and the development of real estate in the long-term.
The combined four plots comprise an area of 76,100 sqm, with a buildable area of more than 31,800 sqm. This transaction comes on the back of others recently completed sales in Madrid, such as the sale of 11 plots of land in Arroyo del Fresno.
In 2014, Sareb sold 190,000 sqm in the sales process named 'Crossover', in which it transferred plots of land in to two Bank Asset Funds (FABs). In May 2014 the fund Castlelake acquired the FAB comprised of 17 plots of land located in Alicante, Balearic Islands, Barcelona and Madrid.