Värde-controlled real estate developer, Vía Célere, has closed its largest ever land sale deal with Culmia, Oaktree’s new venture following its acquisition of Banco Sabadell’s stake in SDIN. The land has building rights for 226 flats and is located in a popular district known as Sevilla Este, in the capital of the region of Andalusia. Settled in one of the city’s principal growth areas the plot accounted for close to 7% of Vía Célere’s portfolio in the region. Culmia will have the opportunity to develop up to 226 residential units in buildings of at most eight storeys.
BBVA sold the land in Seville to Vía Célere in 2017 and by the end of 2019, the developer owned a portfolio with a buildable area of c. 2.2 million m2, with 333,078 m2 in Seville and a development capacity for 3,247 homes. Following Madrid and Malaga, Seville represents the third city in Vía Célere’s land bank.
Värde Partners, who owns Vía Célere, La Finca and Árquia, has been one of the most active funds in the Spanish market since 2017 when it announced plans to list Vía Célere on the stock exchange.
On the other hand, Culmia, managed by Francisco Pérez, is the new name of Solvia Desarrollos Inmobiliarios (Sdin) which was sold by Banco Sabadell to Oaktree. The company’s strategy envisions growing through further acquisitions of land for development. The developer currently has a portfolio with c. 2.4 million of buildable square metres.