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Sareb puts land for sale in Madrid for 1,300 housing units

Sareb will offer for sale some land located in the new urban developments of the capital in Los Cerros. The land is 600,000 square meters, which will give rise to 181,000 square meters of buildable land for residential use. The land would be destined for the construction of 1,300 homes in the capital, according to Sareb.

This week will begin the sale process managed by Serviland as organizer of the process. The transaction will be closed before the end of the year, according to Sareb's calculations, on dates on which it is expected that the reparcelling project will be approved.

Sareb's last sale was this year at the end of March, when it sold 15 homes to the Government of Murcia and 13 parking spaces for more than 884,000 euros. These properties will increase the public housing stock in the autonomous community.

And in the year 2022 the entity recorded last year revenues of 2,361 million, 8% more than in 2021. Of this figure, 1,705 million euros came from the sale of real estate. In the same year, it cancelled 3,184 million euros of debt guaranteed by the State, which would be the largest repayment approved in one year. The outstanding debt stood at 30,481 million.

With the sale of these plots of land in the Madrid urban development, Sareb claimed to continue with its dual mandate and to use this amount to repay its debt. In addition, to prioritize the offer of its assets to the public administrations so that they have social utility and allow to increase the public housing stock in Spain.

Sareb indicates that the land in question is one of the most attractive in the Southeast Development Strategy, and that its good level of coordination on the part of the owners, the Compensation Board and the Administration stands out.

In 2022 Sareb accelerated the pace of debt reduction, despite economic uncertainty and rising interest rates. So far, Sareb has reduced the debt guaranteed by the Spanish State by 20,301 million euros, 40% of the total.

Among its sales in 2022 are the 44,000 square meters in the Camí de Roquetes Partial Plan to the Tortosa City Council for 615,000 euros, another in Palma de Mallorca to the Ministry of Justice for 4.7 million euros, and in mid-July 2022 it disposed of a portfolio of 23 tertiary assets for tourist use for 235.4 million, being the largest transaction of that year. The transactions were distributed among Murcia, Malaga, Valencia, Almeria and Madrid.