Sacyr eyes sale of Vallehermoso property unit

October 1
8:09 AM 2013

Spain-based builder Sacyr SA would be selling its property development unit in Vallehermoso. A regulatory filing revealed that the board of directors of Sacyr had put up the unit for sale in its meeting yesterday. Potential buyers had expressed interest in the said unit.

Banco Espirito Analyst Juan Carlos Calvo considered the expressions of interest as a positive development. "If there are people willing to buy this asset, then it may be good news. It carries a lot of debt and doesn't generate much revenue," he told Bloomberg. Sacyr, however, had not confirmed the expressions of interest for the unit.

According to a Bloomberg report, Spanish lenders and firms were looking for buyers for its real estate assets. The move came as The Asset Management Company of the Bank Restructuring Coming (SAREB) ramped up its efforts to divest assets that were backed by soured property loans. SAREB is Spain's "bad bank." According to its website, SAREB was formed to manage and sell the assets of the country's nationalized lenders that were bailed out by taxpayers' money. 

Sacyr's Vallehermoso unit comprised EUR 1.2 billion or USD 1.63 billion of the builder's EUR 8.4 billion of net debt.

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