Globalalternative investment firm, Värde Partners have announced an agreement withSareb to manage a portfolio of residential development assets in Spain valuedat over €800 million.
The agreementincludes a 10 per cent stake in Sareb’s newly-formed Bank Asset Fund holdingthe portfolio, and will be managed and developed independently by Aelca, aSpanish residential developer and asset management company acquired byVärde-owned Via Célere in January 2019. Following the acquisition, Via Célereis now one of the largest residential developers in Spain with a gross assetvalue of over €2.2 billion.
Advised byClifford Chance and Alantra, Värde Partners established its offices in Spain in2014 and has invested over $5.5 billion in real estate assets across Europesince 2006.
In astatement, Francisco Milone, Partner and Head of European Real Estate at VärdePartners said of the new agreement, “we are pleasedto have been selected for this mandate by Sareb following a competitiveevaluation process. We believe this underscores the remarkable quality of theAlexia platform and our team in Spain.”
“We look forward to establishing a long-term partnership with Sareb andconverting these assets into thousands of homes across Spain.”
Domus Venari are pleased to offer awide range of and for sale on the Costa del Sol,including a brand new residential development, the one benalmadena, consisting of 20contemporary apartments.