The Spanish government-backed asset manager, Sareb, is set to auction off its real estate holding, Arqura Homes, valued at approximately €800 mln.
Approved by Sareb’s board in July, the auction will begin in October and select investors for long-term surface rights to 133 prime plots of land. The project will involve several competitive bidding processes.
Deloitte has been appointed as advisor for the sale, which is expected to be a competitive process, given the current scarcity of land in the Spanish real estate market, potentially extending into the following year.
Potential bidders could include Spanish developers Aedas Homes and Neinor and Aelca, the current manager of Árqura's land and projects. The sale would allow Sareb to maximize the value of its assets to repay debt.
Sareb, established in 2012 to assist Spanish financial institutions in offloading non-performing assets, still holds assets worth around €23 bn. Since its establishment in 2019, Árqura Homes has developed over 8,900 homes with a total investment of more than €1.5 bn. The subsidiary has already delivered over 1,375 homes and has plans for another 7,555 units. The company has a significant land portfolio in large cities and other secondary cities with high demand. Sareb is committed to liquidating its entire portfolio by the end of 2027.
The Spanish state has just over 50% of the capital of Sareb, while banks and insurance companies own the rest.
In addition to the Árqura Homes sale, Sareb is also moving forward with Proyecto Viena, a major project aimed at developing 10,600 affordable rental apartments. The project, which could potentially be expanded to 15,000 units, involves a pool of land and will be executed through a series of competitive processes to select investors.
