Among the diverse activities carried out by the Bank Restructuring Asset Management Company (Sareb), in order to meet its goal of complete divestment of its entire portfolio by 2027, real estate development and promotion grows with each passing year. This leg of Sareb’s business plan will be carried out through Árqura Homes, set up in 2019 and managed by the developer Aelca. Sareb has a 90% stake while the fund Värde Partners has 10% remaining.
Since last April, the Fund for Orderly Bank Restructuring (FROB) It has taken over the majority of the capital it had in the company and exceeded 50% of the participation, together with banks and insurers.
In it Sareb Annual Activity Report 2021 It highlights that real estate promotion and development are the assets with the “greatest value journey” and that they can mean “an increase in the cash generated by the company”, becoming a notable activity within the residential segment. In 2021, real estate promotion and development has provided revenue of around 137 million euros, with an increase of 74% compared to 2020. Since its incorporation, Árqura Homes has been approved to promote 7,582 homes, of which almost 500 were delivered on last year.
In it residential segmentthe sale of own assets, together with stopped work and new developments, amounted in 2021 to €904 million. While the sale of land grew to 235 million and tertiary assets totaled 152 million.
The activity of Árqura Homes is not the only activity related to real estate development. It also develops land under management and the completion of unfinished works. “Since its constitution in 2019, Árqura Homes plays a leading role in the activity of development and real estate promotion of Sareband it is the vehicle through which it invests in most of its real estate development projects”, highlights the report.
In total, Sareb is involved in real estate development activities on 2,062 million euros of book value of land on its balance sheet (30% of the total).
The numbers of Árqura Homes
At the end of 2021, Árqura Homes entered 136.4 million euros, which represents an increase of 74% compared to the previous year. The profit before taxes grew by 85%, up to 10 million euros. “The turnover of Árqura Homes places the company as one of the leaders within the group of unlisted promoters,” Sareb highlights in his report
Árqura Homes is managed by Aelca, one of the leading developers in the sector. At the end of 2021, it had 3,180 units under construction and 1,023 completed units, located in 12 autonomous communities. Since its inception, the company has approved the development of 7,582 homeswith an investment of almost 1,300 million euros, executed at the end of the year in more than 25%.
The Árqura Homes portfolio included 36% of land in need of urban management. At the end of the year, promotion work began on 1,448 units that come from this urban transformation.
Likewise, in its first two and a half years of activity, Árqura Homes has put 5,110 homes on the market, of which 785 had already been delivered by the end of 2021. “In 2021, high commercial interest has been recovered in all regions, with a general improvement in absorption, including activity in the international client segment, which has performed better than expected at the beginning of the year”, highlights the activity report of the public company.
The Árqura Homes offer in idealista
Currently, the more than 7,500 homes under development are spread over 33 provinces, where Malaga, with more than 1,000 homes, Seville (726) and Barcelona (716). Behind them are provinces such as Asturias (471), Cantabria (416) and Madrid (389).
However, the order changes in terms of promotions. Malaga and Barcelona tie with 13 developments, while Madrid has 11 and Seville with 10 developments. In idealista, 129 ads related to Árqura Homes appearwhere in some cases several flats of the same development are included, but with different characteristics and prices.
The most affordable new home from Árqura Homes in idealista starts at 113,000 euros in Jerez de la Frontera (Cádiz), a project of 146 homes, on nine floors, and with 1 to 3 bedrooms.
The most expensive promotion reaches 610,525 euros, a development of 27 homes, in a rehabilitated building, on Puerto Príncipe street, in the El Congrés neighborhood of Barcelona. There is also a promotion in the town of Pozuelo de Alarcón for more than half a million euros, a project of 47 homes with 2 to 4 bedrooms, and duplex penthouses, between 548,000 and 583,000 euros.
These are the cities where the Sareb developer sells its new-build flats:
