NPL&REO News

Värde Partners will manage €800 million Sareb Residential Development Portfolio

Värde Partners, a leading global alternative investment firm, today announced an agreement with SAREB – The Management Company for Assets Arising from the Banking Sector Reorganisation – to manage a portfolio of over €800 million residential development assets in Spain.

As part of the transaction, certain Värde funds will also acquire a 10% stake in the newly-formed Bank Asset Fund (FAB) that will hold the assets. These last ones will be managed and developed by Aelca, a Spanish residential developer and asset management company owned by Värde.

«We are pleased to have been selected for his mandate by Sareb following a competitive evaluation process. We believe this underscores the remarkable quality of the Aelca platform and our team in Spain», said Francisco Milone, Partner and Head of European Real Estate at Värde Partners. «We look forward to establishing a long-term partnership with Sareb and converting these assets into thousands of homes across Spain».

In January 2019, Värde-owned Via Célere acquired the land bank assets of Aelca, making Via Célere one of the largest residential developers in Spain with a gross asset value of over €2.2 billion. Aelca continues to operate as an independent residential developer and manager.

Värde Partners established its office in Spain in 2014, now operating out of Madrid, and has invested $5.5 billion in real estate assets across Europe since 2016.

Original Story:Associated Press |PR/ Värde Partners
Photo: Varde
Edition:Prime Yield

Top