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Spain: Aelca – Vía Célere merger approved

 |  November 12, 2018

Spanish regulator the National Commission of Markets and Competition (CNMC) has approved the merger between real estate brokers Aelca and Vía Célere, which will become to one of the largest real estate giants in the country.

The merger was announced on October 1, when Värde, the owner of both companies, announced the integration of Aelca’s assets into Vía Célere. The resulting company will have the capacity to deliver 2,000 homes in 2019 and 5,000 in 2021. In addition, it will have assets worth 2.2 billion euros (US $ 2.47 billion).

Värde, a US fund that entered the Spanish market during the global economic crisis, will maintain control over 75% of the company, which will continue to be called Via Célere. With this operation, the fund reaffirms its commitment to the Spanish market, which it considers as still “fragmented” and ” in need of further consolidation.”

Full Content: ABC
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