The US giant Lennar, one of the largest real estate companies in North America, is considering divesting its most valuable asset in Spain. That is according to the agenda that has been set for the Extraordinary Shareholders’ Meeting of its real estate company in Spain, the Socimi Al Breck, which is scheduled for 25 March.
Al Breck is a Socimi that made its debut on the MAB in 2016 with a portfolio of 293 rental homes, located in different properties in central neighbourhoods of Madrid, such as Centro, Salamanca, Chamberí and Chueca, which it had purchased two years earlier. Moreover, at that time, it owned a dozen commercial premises and an office building. Behind the company is a Luxembourg firm, Al Breck Enterprises Luxemburg, the vehicle through which Lennar undertakes its operations in Europe. The manager of the Socimi is Rialto Capital.
The company, which at its height owned 693 properties distributed across 293 residential buildings, has been cashing in its assets for a while. That trend is reflected in the value of its portfolio, which decreased from €70.52 million in December 2018 to €33.277 million at the most recent appraisal (June 2019). Now, it is considering selling its “essential” asset. According to the latest information, the most valuable property in Al Breck’s portfolio is a building located on c/Andrés Mellado 80, in Madrid, which currently houses a coliving space operated by the company Urban Campus. According to the most recent appraisal, that property is worth €1.428 million.