The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has reached an agreement with CP Amenabar - a joint venture between the developer CP Grupo and the company Construcciones Amenabar - for the sale of 11 plots of land for residential and commercial use in Arroyo del Fresno in Madrid. The transaction was completed for €64,3 million and will allow the construction of 420 free market and social housing apartments, as well as an office building and a shopping centre.
The Arroyo del Fresno sale comes on the back of other land transactions completed over the past few months. Last year Sareb assigned the Crossover portfolio (190,000 sqm) for more than €100 million. A few days ago, the company chaired by Belén Romana completed the sale of the Aneto portfolio, comprised by credit lines secured with apartments and urbanised plots of land.
For Luis Martin Guirado, Transactions Director at Sareb, "this transaction fits perfectly with Sareb's value creation strategy since we have worked to sell land ready to be urbanised. The sale of plots of land is yet another sign of an improvement in the real estate sector". This improvement enabled the Company to surpass its 2014 sales objectives. In the last few weeks of the year, the Company completed institutional wholesale transactions worth in excess of €1 billion.