Sareb paralyzes the sale of its developer Árqura due to uncertainty and in the midst of the creation of the state housing company

Sareb has decided to “temporarily” suspend the sale process of its developer Árqura and postpone the deadline for the submission of non-binding offers by potential investors who had shown interest in taking one of the operations of the year in the real estate sector, with land to raise 16,000 houses and a value of 800 million euros.

“The decision has been made based on the recommendation of the financial advisor of the operation,” acknowledges in a statement the Asset Management Company from the Bank Restructuring, popularly known as a bad bank, born from the bank rescue process of 2012 to drain the toxic brick accumulated by banks and savings banks in Spain.

“From this moment on, Sareb will open a period of analysis and review of the operation, the conclusions of which will be communicated to investors as soon as possible,” he adds.

The operation, whose start-up had been delayed compared to the original plans due to changes in the Ministry of Economy, had aroused a lot of interest among investors and promoters in the market, who saw in this transaction a way to access a strong bank of land to build thousands of homes.

However, in recent weeks several unforeseen situations have raised uncertainty around it and have ended up knocking it down, at least temporarily. At the end of November, Sumar presented a non-legal proposal in Congress to stop the operation as planned. “We don’t know whether to continue or stop”one of the companies intending to attend told EL MUNDO. Days later, the PSOE joined that proposal.

In addition, the Government announced the creation of a state housing company in which Sareb would have a relevant participation. Both events have ended up discouraging investors who had been interested in the project.

The bad bank commissioned the consulting firm Deloitte to develop the transaction, which finally got underway in October. Several promoters and construction companies, in alliance with different investment funds, had become interested in the project and had initiated the necessary procedures to participate in it. The analysis had advanced and was at the threshold of the process of due diligencewhich are audits that any company must undergo to close a sale or merger, and which have a considerable cost.

Given the possible harm it could have for the candidates in this regard, Sareb has decided to stop the sale until it can see more clearly the true sale options, according to market sources. Now, the company will have to analyze the alternatives that are presented to it and make a decision in the sense of resuming the operation with Árqura or stopping it permanently. Something that could take place in the first quarter of 2025.