October 23, 2020

Banco Sabadell also offers the developer and the floor of Solvia | Economy

Banco Sabadell also offers the developer and the floor of Solvia | Economy



Sabadell Bank, that already got rid of its real estate branch, also offers promotions and land for sale. Specifically, as announced to the securities regulator, has put on sale of 100% of the share capital of the developer Solvia Desarrollos Inmobiliarios (SDIn), along with land and urban developments managed by this company and owned by the bank.

The objective of the bank is to close the operation during the first half of this year. According to its statement, the bank is receiving advice from the Rothschild firm and Sabadell believes that "the good situation of the real estate market and the strong investment demand for the consolidation of the national promotion market" allows it to value the promotion activity through this operation.

Solvia Desarrollos Inmobiliarios is the result of the split and block transfer of the equity portion of Solvia Servicios Inmobiliarios. This part (80%) is the one that already sold last December to Lindorff, a company belonging to the Intrum AB group, for 300 million euros, an operation that reported capital gains of 138 million euros.

Sabadell ended 2018 with an attributed net profit of 328.1 million of euros, 54.2% less than in the previous year. Revenues fell sharply, with a 12.7% drop in gross margin. The results were poorly received by the market, which punished the actions of Sabadell.

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