The government already has a 100% public real estate developer. Asset management company arising from the restructuring of the bank (SARP) has reached an agreement with Vardy Partners To purchase 10% of Arqah Homes, the housing development vehicle they created together in 2019. This development vehicle included land and work-in-progress from SARB’s €811 million portfolio.
The truth is, both parties have been negotiating this agreement for weeks, as announced by ABC. One and the other were interested in coming to terms, albeit for different reasons.
With this process, the so-called “corrupt bank” He acquires 100% of the company’s capital. And the moment that was chosen for this is not accidental, since it is precisely in 2022 that the state becomes the controlling shareholder of SARP, as decided by CEO Pedro Sanchez.
This acquisition allows SARP to avoid obstacles in implementing its public housing agenda to ruleAs for. The Foundation understands, therefore, that this allows “to proceed with the planned development of 17,000 homes distributed throughout the Spanish geography, and it is expected that a total of 2,230 million euros will be invested in the residential housing development activity.”
Likewise, the agreement reached the reserves Sarp Option for the future purchase of Aelca, the company responsible for managing the development activity of Árqura homes and which is currently in the hands of Värde. As the ‘bad bank’ points out, since the foundation of Arqah Homes by Sarp in June 2019, the company has approved the development of more than 8,900 homes, with investments of more than 1,500 million euros. In the three years of activity, more than 1,375 homes have already been delivered, to which must be added another 7,555 homes approved for sale in various stages.
On the part of Vardi, as published in this newspaper, they were ready to get out of the ownership of Argora because they considered it an unprofitable investment for their interests. The rate of home implementation was not as expected. In addition, by the presence also of Aelca, with whom they rendered services to ArchThe economic return was not what was required. And his best option is to exit, as indicated by market sources, because his participation has lost value over the months. Share valued at the beginning of 80 million euros.