Sareb Picks Five Firms to Finish Its 3.000 Houses in 2014

7/05/2014 – El Confidencial

The Management Company for Assets Arising from the Banking Sector Reorganization, or Sareb, will undoubtedly take the lead in Spain´s most active “developer” ranking. Since the beginning of the year it has been announcing the plan to finish 130 housing developments being currently under construction (in total, the bad bank possesses 650), embracing 3.000 dwellings to put up for sale in the upcoming months.

To achieve that, Sareb chaired by Belen Romana is going to invest €100 million. The bad bank chose five project managment firms that had defeated traditional real estate developers.

They are as follows: Bovis Lend Lease that will supervise the entire project progress realized from the technical side by Almar Consulting, Novotec (Grupo Applus), Algescon and Eptisa, each operating in different part of Spain (the north, the south, the center and in the east).

The houses are scattered around 30 Spanish provinces, however over a half of the developments is concentrated along the Mediterranean Coast. The biggest number of them hosts Catalonia (40 housing developments, over 600 homes), followed by the Valencian Community (21), Galicia (12), the Community of Madrid (11) and Castille and Leon (10). In Barcelona solely, 400 units will be finished.

All of the housing developments – 20% of them were transferred to Sareb by banks – are in 80% implemented. Some of them reach a 95% advancement. Sareb foresees finishing them by the end of 2014. The bad bank will not bring to an end any development in the Basque Country, Murcia or in a large part of Castille-La Mancha.

According to sources close to the operation, Sareb will name one Integrated Project Manager (or DIP by its Spanish name) to coordinate each project.

 

 

Original article: El Confidencial (by Elena Sanz)

Translation: AURA REE

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