Värde Partners has entered into an agreement with The Management Company for Assets Arising from the Banking Sector Reorganisation, known as Sareb, to manage a portfolio of over €800m 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. The assets will be managed and developed by Aelca, a Spanish residential developer and asset management company owned by Värde.
Francisco Milone, partner and head of European Real Estate at Värde Partners said: "We are pleased to have been selected for this mandate by Sareb following a competitive evaluation process. We believe this underscores the remarkable quality of the Aelca platform and our team in Spain. We look forward toestablishing 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 €2.2bn. Aelca continues to operate as an independent residential developer and manager.
Värde Partners was advised by Clifford Chance and Alantra. Sareb was advised by Garrigues and Colliers International.