The promoter Vía Célere advances in its growth plans before its stock market debut. The Madrid real estate company was acquired in February by six funds led by Värde Partners, which owns 51% of the capital. Following the operation, in which € 90 million were disbursed, the company works to increase its size and go to Stock Market in early 2018, with a capitalization of more than € 1,000 million.
The first step in this process was the integration with DosPuntos, the real estate created by Värde and its partners (the Attestor and Marathon funds, as second and third shareholder respectively, as well as Barclays and Bank of America), with the old subsidiary of SanJosé (Parquesol). The operation entailed incorporating to the portfolio of Via Célere 800,000 square meters (which would allow him to build some 7,000 additional homes).
The merger in record time (barely a month), Via Célere, led by its former owner and chief executive, Juan Antonio Gómez Pintado, has launched several land purchase operations with the aim of increasing its real estate portfolio.
New portfolio
In total, Via Célere has invested almost € 100 million in nine floors, through three operations. The land, distributed among several provinces, will allow the developer to increase its buildability by 212,016 square meters and build 1,907 new homes.
In particular, the real estate has acquired two floors in Madrid, located in Barajas and Pozuelo, with 89,100 square meters of building. In them, can develop some 828 homes.
In Cataluña, Via Célere has done with new floors, located in Barcelona and Girona, to promote other 242 homes. The other fields, with more than 105,000 buildable square meters, are divided between Valencia, Sevilla, Malaga, Tenerife and La Coruña, and allow you to lift a 837 units. “With these operations, swifter Via reveals his vocation and strong capacity for growth in the market”, says Juan Antonio Gómez-Pintado, President of fast track.
After the contribution of funds from new investors, Via fast was marked target an annual investment of between € 200 and € 250 million a year through 2023 to maintain a pace of construction of some 3,000 homes annually. For this year, the forecast is to start around 1,800 units: “Our intention is to continue identifying new opportunities and expand our portfolio of land and existing projects in the next months”.
Before these purchases, the real estate portfolio of the promoter had one million square meters of land, making it one of the big landowners of this asset of the country, only surpassed by Metrovacesa possessing after the contribution of € 1.108 billion of its shareholder banks, 6 million square meters of land; Neinor Homes that, after investing this year 147 million, collect 1.2 million land to build housing; and Aedas, the promoter of Castlelake featuring 1.35 million square meters of land.
In total, Via Célere assets have a value of € 704 million, with 10.054 housing course or under construction. Before the integration of DosPuntos, the promoter achieved revenue of € 75.4 million, in its latest annual exercise.
Stock Market
The developer led by Värde Partners is scheduled to debut on stock exchange next year. In this way, Via Célere will follow the footsteps of Neinor Homes, the leading real estate developer who debut on Stock Market in the last decade, with a value of € 1,340 million. Currently, its capitalization round the 1.498 million.
Aedas, the Castlelake fund company, is another of the real estate developers, waiting to be released before the end of the year. Meanwhile the new Metrovacesa, led by Santander and BBVA has already received several investment banks to treat returning to the stock exchange, from where came out in 2013, after 72 years trading.
Alongside these residential developers, is provided debut on Stock Market in the coming months other real estate, as it is the case the Socimi of SAREB, with 1,500 assets of its portfolio of foreclosed properties; and residential Testa, the Socimi created by Merlin from the purchase of Testa and Metrovacesa homes for rent.
Source: Expansión
