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Servihabitat to Build 60,000 Homes on Land Owned by Sareb

javier garcia del Rio Sareb 1
Javier García del Río, Chairman of Sareb.

Lone Star and CaixaBank’s subsidiary, Servihabitat, has been selected to develop 60,000 homes on land owned by Sareb. Servihabitat’s proposal prevailed over those of LandCo, the management company of Banco Santander, and Aliseda. In total, the asset management company of the rescued bank claims that 13 bids were received.

The firm intends to build on 51 plots with a capacity for approximately 10,000 and 15,000 homes in the first batch. In total, it will develop 200 plots of land, increasing the figure to 60,000 units. The book value of the first group is €107 million, which will grow to €1.12 billion when the transfer is completed. 1.2 million m2 of land correspond to the first batch, up to a maximum of 7 million m2.

Most of the land is located in Andalusia (16 units), Catalonia (11), Valencia (6) and Madrid (5). The remaining assets are located in Cantabria (3), Aragon (2), Galicia (2), Asturias, the Canary Islands, Castilla y León, Extremadura, La Rioja and the Region of Murcia (1 each).

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