Clifford Chance advises on the sale of a stake in Ánqura Homes
Clifford Chance has advised investment firm Värde Partners on the sale of a 10% stake in real estate developer Árqura Homes to Sareb.
The Clifford Chance multidisciplinary team advising on the deal was led by head of corporate/ M&A Luis Alonso, together with corporate / M&A counsel Pablo Murcia, senior associate Javier Olabarri and associates Javier Montañés, Josep Massana and María Rodrigo. Partner Carlos Portocarrero advised on the real estate aspects while partner Pablo Serrano de Haro and senior associate Fernando Escribano advised on the tax aspects.
Árqura Homes is a residential housing development entity, with a planned development of 17,000 homes throughout Spain. It was incorporated in 2019 from a banking asset fund, set to facilitate Sareb’s divestment of certain assets and liabilities resulting from the restructuring of the financial sector in Spain. Reportedly, 2.23 billion euros is expected to be invested in its housing development activity in the future.
Värde Partners has also granted a call-option over the entire share capital of Aelca Desarollos in favour of Sareb. Aelca Desarrollos is in charge of managing Árqura Homes’ development activity under applicable contractual arrangements. Currently, the closing of the transaction is subject to merger control clearance.