Värde Partners has announced an agreement with The Management Company for Assets Arising from the Banking Sector Reorganization, known as Sareb, to manage a portfolio of more than €800 million ($902 million) residential development assets in Spain.
As part of the transaction, certain Värde funds will also acquire a 10 percent stake in the newly-formed Bank Asset Fund (FAB) that will hold the assets. The assets will be managed and developed by Aelca, a Spanish residential developer and asset management company owned by Värde.
In January 2019, Värde-owned Via Célere acquired the land bank assets of Aelca, making Via Célere one of the largest residential developers in Spain with a gross asset value of more than €2.2 billion ($2.5 billion). Aelca continues to operate as an independent residential developer and manager.
