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Spanish Sareb buys out Värde stake in housebuilder Árqura

Spain’s ‘bad bank’ Sareb has agreed to buy back Värde Partners’ 10% stake in Árqura Homes, the housing development vehicle Sareb set up in 2019 via a Bank Asset Fund (FAB).

The development vehicle holds various plots of land and developments under construction that belong to the Sareb portfolio and are valued at a total of €811 million.

The buyback gives Sareb 100% control of Árqura Homes’s capital and will enable it to move forward with plans to develop 17,000 homes across Spain, an estimated total investment of €2.23 billion.

The agreement also gives Sareb a future purchase option on Aelca, the company charged with managing all development activity undertaken by Árqura Homes.

Since Sareb founded Árqura Homes, the company has approved the development of over 8,900 homes and invested more than €1,500 million. More than 1,375 homes have been delivered. Most of the property is located in the Barcelona, Valencia and Seville provinces.

The economic recovery and the improvement in Spain’s real estate market following the Covid-19 pandemic have allowed Árqura Homes to increase its rate of investment in 2022.

By end-November 2022, Árqura Homes had invested a total of €240 million, up 85% year-on-year, Sareb said in a statement.