The public company Sareb has launched today the developer created together with Aelca and the Värde fund to build land with a current market value of 811 million. The project will involve an investment of 2,238 million euros until 2027 and the construction of 17,095 homes throughout the national territory.
Under the name of Àrqura Homes, the company will be 10% owned by the fund and will be managed by Aelca. According to the president of Sareb, Jaime Echegoyen, the incorporation of any other partner is not planned, although everything will depend on the circumstances, nor will it be listed on the stock market. 41% of the assets transferred to this promoter correspond to ongoing developments; 29%, to land under development; 27% to finalist land; and the remaining 3%, to stopped constructions.
The price of the properties will be around 200,000 euros
Echegoyen has indicated that the intention is for most of the deliveries to be made in 2024 and 2025 and that the target audience is the middle-income population. The price of the properties will be around 200,000 euros. In this way, Árqura would enter 3,500 million, although it will have to face Aelca’s management commissions.
The promoter is legally a FAB, a special vehicle that is taxed at barely 1% and that was created by the Government for Sareb, the bad bank that brings together the toxic assets of the savings banks that were rescued in 2012. The money from the investment In principle, it will come out of the liquidity generated by Sareb, although it is not ruled out that the FAB issues debt, according to Echegoyen.
Andalusia, Catalonia and Madrid
The apartments to be built are located mainly in Andalusia, Catalonia and Madrid. Only Extremadura and Murcia will not have buildings on land for this project.
With this promotion, Sareb tries to make its assets profitable to avoid further losses. The transferred land is the best that the company has, since a large part of the remaining land is less attractive and has less potential for development, as it is industrial and rustic. These have a value of 3750 million.