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Valencian Gov’t Will Pocket €24M From Sale of Land Next to Terra Mítica

Posted by: In: Real Estate 18 Jan 2018 Comments: 0 Tags: , , , , , , , , , , ,
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17 January 2018 – Eje Prime

Provided there are no last minute surprises, the Valencian Government will make some money from the sale of the land it owns next to Terra Mítica. Specifically, the public body will pocket €24 million from the sale of eight of the nine lots that it put up for auction in September. The only plot that has not received offers has been reserved for conferences.

The vast majority of the companies interested in the lots up for sale are the same ones that have been granted the concessions for the land in recent years, with the exception of Terra Natura, the zoo owned by Grupo Corporativo Fuertes, which has not participated in the bid, according to Expansión.

The owners of the two largest complexes close to the Valencian theme park, Villaitana and Asia Gardens, have bid for the plots that they used to manage by submitting offers just above the auction starting prices. In the first case, HI Partners, the hotel company that was recently purchased by the US fund Blackstone, has made two offers: one through the current concessionaire of the land, Xeresa Gold, and another in the name of HI Partners itself, which owns 80% of Xeresa.

Meanwhile, the luxury Asia Gardens resort, managed by the Barceló group, has sparked great interest. For this complex, which occupies three of the plots up for auction, the highest offer has been presented by an unknown player in the area. Not in vain, the company Mítica Finestrat Investment, which is headquartered in Madrid, could end up being the surprise winner, given that, according to Expansión, its bid was slightly higher than that made by the Royal Mediterránea company, run by Pedro Romero and in which Barceló holds a 17% stake.

Nevertheless, Romero holds a preferential purchase right over the plots and so, even if he does not end up winning the auction, he will have 30 days to improve on the highest offer, which will amount to around €11 million.

For the rest of the plots, the Terra Natura area will, a priori, remain in the hands of Camping La Media Legua, owned by the Puchades family. Moreover, the Puchades family will fight it out, together with Dynastic Explotations, owned by another illustrious businessman from the region, Vicente Sempere Monerris, for the new sports tourism area.

Original story: Eje Prime

Translation: Carmel Drake

The post Valencian Gov’t Will Pocket €24M From Sale of Land Next to Terra Mítica appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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