Sareb Sifts Out 8 Groups For the Next Phase of Asset Management Auction

Eight groups manifesting their interest in signing a management contract with Spain´s bad bank have been sifted out in the first stage of non-binding offers. Sareb owns a €50 billion worth of assets (both financial and real estate). The second phase of binding offers will proceed throughout July.

In April, the entity chaired by Belen Romana decided to change the manner of property trading and announced a bidding for servicers where lucrative management contracts of 200.000 toxic assets transferred to the bad bank by bailed-out entities are at stake.

The entire portfolio has been divided into 10 smaller clusters. Funds have spent weeks on their thorough exploration and then submitted the total of 46 offers. Each subportfolio received from 3 to 6 proposals, ensuring a whale of the game. Their administration will fall in hands of four winners.

Original article: Expansión (after EFE)
Translation: AURA REE

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Translation/Summary: aura