ACR surveys the sale of its developer Áurea Homes

The Navarrese construction group ACR is probing the sale of its promoter Golden Men. The company has hired the consulting firm Deloitte to search for partners and, if necessary, to be able to dispose of this real estate agency that it created in 2018.

Áurea Homes has decided to ask Deloitte to help create a vehicle for the build to rent (or build to rent). In this endeavor, the consulting firm must find financial partners willing to enter into that business. The developer puts land and experience in the residential market and the possible ally is responsible for providing the financing.

But this search for partners has led to other options, since the interest has arisen in being able to carry out a corporate operation to purchase Áurea, according to different sources in the sector. At the moment, the various alternatives for ACR are still open, according to the people consulted with knowledge of the process.

According to these sources, Áurea’s portfolio of land and projects in progress is attractive, with capacity for between 800 and 1,000 homes. That means valuing that portfolio in more than 80 million euros. The company has experience in almost two decades of activity delivering around 6,000 houses.

“As is logical, we always study all the alternatives in order to promote the growth of the company. There is no closed trade with any partner”, They point out from the company. At this time, after Deloitte’s work, various types of operations have been opened for the Navarran company, according to the sources consulted.

In 2019, the Navarrese group has already hired KPMG in the search for a partner or buyer for that real estate business. That process ended in a dead end, although at the end of that year, the company decided Segregate the developer division into a separate company, called Áurea Homes. “In this way, the market identifies us as different businesses. In the case of looking for capital, it is easier. It is the message we want to give, we are different companies ”, he acknowledged then Michel Elizalde, CEO of the group.

With the original commission from Deloitte to create a vehicle for build to rent, the company also seeks to enter a segment in which many other promoters have already positioned themselves in recent years.

A growth model based on alliances

ACR’s business model in the case of residential development has sought alliances with financial partners. The company has found these allies in different investors, such as Allegra Holding –of the Losantos family–, with which it builds under the Nature brand; Stoneweg; Inmobiliaria Espacio, and FS Capital. In these alliances, ACR has remained a minority investor and has been in charge of the management of real estate developments.


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