Sareb tests Madrid land market

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    SPI News Feed

    Sareb, Spain’s so-called bad bank, has put 4 prime plots of land up for sale in Madrid with no asking price attached and will take offers until the 16th of September.

    Offers will be taken through the real estate consultancies BNP Paribas Real Estate, CBRE and Aguirre Newman that have been subcontracted to market the land and manage the sales.

    Various factors will be taken into consideration when considering the offers including the bidder’s liquidity, speed of initial payment, shortest proposed payment plan and quality of guarantees. Sareb maintains the right to reject all offers if none of them meet its specifications.

    Two of the plots are in Cárcavas Oeste next to the Real Madrid training complex at Valdebabas and have planning permission for the construction of 50 townhouses each. In 2005 these plots would have been expected to fetch around 15 million euros but in today’s market offers will not come close to that figure,

    The other two plots are in Cerro de los Gamos, part of the upmarket district of Pozuelo de Alarcón, and on El Paseo de Europa in San Sebastián de los Reyes.

    Pozuelo de Alarcón, one of the prime areas in which Sareb is attempting to sell land

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