Sareb (Spain´s bad bank) hurries to choose companies that will manage and commercialize its property from 2015 on. The firm chaired by Belen Romana has hired KMPG as an advisor in the agreement – signing process. It is said to be concluded in May.
The competition will be fierce as many prominent international players that have recently bought a property managing servicer (i.e. Apollo acquired Altamira, Värde Partners and Kennedy Wilson – Aliseda, TPG – Servihabitat, Cerberus – Bankia Habitat, Centerbridge – Aktua and BMN´s platform and Blackstone – CatalunyaCaixa Inmobiliaria) fancy a lucrative contract with Sareb.
The bad bank has not decided yet how it is going to divide administration of its €50 billion asset worth. The market anticipates between two and four agreements, depending on the proposals received.
At the end of 2012, Sareb received €37 billion in assets transferred from nationalized banks (BFA-Bankia, Catalunya Banc, NCG Banco-Banco Gallego and Banco de Valencia) and another €14 billion from bailed-out groups (BMN, Ceiss, Liberbank and Caja 3).
Last year, Sareb spent nearly €200 million on contracts with managers and the firm does not want to bear such costs in 2014 again.
The bad bank has previously worked with KPMG on the sale of the “Bull Project“.