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Thursday, February 22, 2024

Garrigues guides Grupo Insur´s acquisition of Anida’s 50% stake in their joint company

Garrigues has counselled Grupo Insur on the purchase of Anida’s 50% stake in the joint company "Desarrollos Metropolitanos del Sur, S.L", an alliance of the two companies, has more than fulfilled the objectives set since its incorporation in 2015

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Both groups have decided to put an end to this partnership, through the purchase commitment by Grupo Insur of Anida’s 50% stake in the company.

Grupo Insur and Anida Operaciones Singulares S.A.U., a company belonging to the BBVA Group, have decided to end their alliance after seven years of success in reactivating the Andalusian real estate market, especially in the Entrenúcleos sector in Dos Hermanas (Seville).

The joint company “Desarrollos Metropolitanos del Sur, S.L”, an alliance of the two companies, has more than fulfilled the objectives set since its incorporation in 2015, with the development of 17 developments with a total of 1,473 homes, including 11 in the Entrenúcleos sector, with a total of 1,010 homes; and 6 developments in the provinces of Seville, Malaga, Cadiz, Granada and Cáceres with more than 460 homes. 

The end of this partnership has been agreed by means of a commitment by Grupo Insur to purchase the 50% stake that Anida Operaciones Singulares S.A.U. has in this company. Once this commitment has been executed, Desarrollos Metropolitanos del Sur, S.L. will be a company wholly owned by Grupo Insur. 

The purchase of this stake makes Grupo Insur the main player in the Entrenúcleos sector with a total of 8 plots of land for a total of 834 homes and it holds purchase options on 3 plots of land for a total of 880 homes.

The tractor effect of this company has definitively consolidated Entrenúcleos as the residential growth area in the metropolitan area of Seville. Since the start of this company in 2015, 46 developments have been developed with a total of approximately 4,600 homes. 

Entrenúcleos, in Dos Hermanas and next to Montequinto, has a privileged location due to its proximity to the SE-30 and SE-40 and its proximity to the AP-4 motorway and Metro line 1, allowing fluid movement to all parts of the city thanks to its access. 

With access to a wide range of services, where you can enjoy the tranquillity surrounded by green areas and parks, the development is located next to the campus of the Loyola Andalucía University and the Technology Park, and the area already has public facilities. Furthermore, it is just a few steps away from the new eco-bus shuttle that is emerging as a model of sustainable transport in the city. The enclave, where the new Betis sports complex will also be located, has hypermarkets, a health centre, nearby educational centres, and petrol stations. A strategic location where public and private investment will lead to the construction of up to 20,000 homes for some 50,000 citizens in the area in a few years.

Garrigues’ team was led by partner Carlos López Mariano and principal associate Guillermo Zamora.

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