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Goldman and Azora File a Lawsuit Against Madrid for Cancelling the Sale of Social Homes

Encasa Cibeles, the consortium formed by the firms Goldman Sachs and Azora, has filed a lawsuit against the Community of Madrid following the annulment by the Supreme Court of the sale of a portfolio of social housing properties.

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The lawsuit is directed against the Madrid Housing Institute (IVIMA), a body belonging to the CAM and the owner of the almost 3,000 homes that are the subject of the litigation, according to an official statement issued by the company. In March, the Supreme Court overthrew the last attempt by the Community of Madrid to appeal, and deemed null and void the sale of 2,935 social housing (VPO) to the fund Goldman Sachs.

The operation took place in 2013 under the government of Ignacio González (Popular Party). At that time, the Madrid executive sold 2,935 homes from the ‘Joven plan’, plus 3,084 garages, 1,865 storage rooms and 45 premises for 210 million euros, to the joint venture owned by the US fund Goldman Sachs and the Spanish manager Azora. Previously, in December 2019, the TSJM and the Contentious-Administrative Court No. 29 of Madrid ruled in the same vein.

Read the full article in Spanish.

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