Cuatrecasas assists Servihabitat with Sareb’s “Proyecto Neo” contract award

Cuatrecasas has counselled Servihabitat along the process to win the contract to manage Sareb´s €107 million valued urban development project

Sareb’s Board of Directors has selected Servihabitat as the specialised manager for the urban development of a group of 51 plots of land, currently valued at €107 million and with a total buildable area of 1.2 million m2.

The agreement envisages the future extension of this management to more than 200 assets with more than 7 million m2 of additional buildable area, currently managed by generalist services, once these contracts come to an end in 2022.

Servihabitat, with extensive experience in this area of the real estate business and following the specialisation and dedication requirements defined by Sareb for this service, will create an independent brand with a dedicated team to manage this contract. In the short term, this structure is expected to be integrated into a new company specialising in urban management.

During 2020 and 2021, Servihabitat is committed to growth and specialisation in urban development in order to provide its clients with a key capacity to enhance the value of their portfolios.

By region, most of the land is located in Andalusia (16 units), Catalonia (11), Valencia (6) and Madrid (5). The remaining assets included in the project are located in Cantabria (3), Aragon (2), Galicia (2), Asturias, the Canary Islands, Castilla y León, Extremadura, La Rioja and the Region of Murcia (all with 1).

Servihabitat’s CEO, Iheb Nafaa, underlined that: “We are particularly proud of the award of this portfolio following the strategic commitment we initiated in Servihabitat to urban development and development management in order to strengthen our position as a benchmark servicer. With a business vision in this market, our territorial capillarity and the configuration of a powerful multidisciplinary and specialised team, we have the guarantees to increase the value of our clients’ balance sheet.”

Cuatrecasas´ team was formed by partner Gerard Hernández Colect, and associates Lluis Puig Navàs and Santiago Casas Vilaseca.

Desire Vidal