Sareb is one step ahead in the sale of the largest portfolio of land to build a house. The Sociedad de Gestión de Activos Procedentes de la Restructuración Bancaria, created to house the poison brick awarded by financial institutions after the real estate bubble burst, Awarded to Deloitte “economic and financial consultancy” contract to assess the organizational structure of your developer business”As it appears on the Government Contract Portal.
In other words, HE ‘bad bank‘ will transfer the potential sale of a majority stake in the land owned by its organizer Árqura Homes to the ‘big four’., although it tries to remain a minority partner to “get some of the future profitability of real estate developments”. If possible, the operation is a structured and competitive processthat interested developers and mutual funds will be able to bid for the largest lot of land that will go on sale in the coming years.
According to the contract documents, 30% of the Árqura parcels are finalists, 38% are in the urban renewal process and the remaining 32% are in the residential development phase: 21% are at the initial stage, 28% are the basic project and 10% are under construction 41% in license and implementation phase. Geographically, Árqura’s territory is located in 30 provinces and 16 autonomous communities, but more than half are in Andalusia (33%), Catalonia (14%) and Madrid (10%).
Acquisition of Árqura Homes
Arqura Houses It was born in 2019 through an agreement between the ‘bad bank’ and the North American fund Värde Partners. Four years later, after Frob took control of Sareb in the middle of last year, the new management decided to buy back 10% of the backing it didn’t have from Värde. The operation was shut down in January of this year, and in a press release Sareb said that Árqura’s Capacity to promote 17,000 residences. company in 2019 He had 811 million worth of land and works in progress, this price could be an indicator for future sale..
According to public data, Árqura has delivered 1,682 houses since its foundation It has a pre-sale portfolio of 3,257 units. This company does not have a structure of its own and its entire management has been transferred to Aelca, a Värde company for which Sareb has the option to buy. If a fund or contractor decides to buy the land that Sareb plans to sell, it can do so by simply acquiring assets, without combining teams.
What will Deloitte do?
Sareb received six bids to win this consulting contract worth 3.31 million and a base budget of 4 million. Finally, Deloitte awarded 272,250 Euros (including taxes) will have 21 months to execute in two different phases. The first will consist of assessing the economic, financial and operational feasibility of the operation, investigating the current interest in the market and potential investors. When this task is completed, Must run a structured sales process (similar to an auction, but with a sealed envelope), as long as Sareb agrees.
The requirements to win this contract were high and within the reach of only the biggest real estate agents. by country or a specific department. To have provided a transaction consultancy worth 50 million Euros among the conditions in the specification, joint venture A 100 million housing platform that participates in sales operations of more than 100 million closed land and over 100 million rental houses.
Source: Informacion
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