Valuation of the property of the biggest real estate company in Spain, Sareb, required full-time work of over a thousand of people. The process took a year, almost double period of time estimated for the task in February 2013. (…) Also, double as much assets have been appraised during that time.
As Clifford Chance, the law firm leading the appraisal, informed that it has negotiated a new deadline with Sareb – the end of February.
The deadline for the real estate Richard Ellis to hand over the last valuations expired on Friday. Now, the time came for the auditor KPMG (…).
Although the official numbers will not have be known by the end of the process, a year ago Sareb´s portfolio was estimated to be worth about €55.000 million. That transformed the bad bank not only into the largest real estate firm in Spain but also as the most ambitious one in terms of property appraisal. (…)
Clifford coordinated the work, and has been assisted by other law companies like: Cuatrecasas, Gómez Acebo, Pérez-Llorca or Broseta Abogados.
Original article: Expansion (Sergio Saiz)
Translation: AURA REE