The Administrative Board of Spain´s “bad bank” held a meeting yesterday with aim to assess offers received from various servicing platforms interested in management of the €50 billion worth of real estate and financial assets in hands of Sareb.
The first bidding phase concluded on June 16th when eight out of eleven invited funds submitted their non-binding offers. The Board is going to analyze the 46 bids in total, adding up the partial offers for each of the 10 portfolios varying in line with terms and commissions proposed by the bidders.
The process is being attended by Haya Real Estate of Cerberus (owning also Bankia Habitat), the real estate manager of Catalunya Banc (now in hands of Blackstone and Magic Real Estate), Altamira held in 85% by Apollo and in 15% by Santander, Aliseda 51% of which Banco Popular sold to Kennedy Wilson and Värde Partners, Servihabitat half of which (51%) belongs to Texan Pacific Group (TPG), Centerbridge that bought Aktua from Banesto and Inmare from BMN and finally Solvia, the platform of Banco Sabadell. In spite of the invitation, Novagalicia, Liberbank, Caja3 and Ceiss refused to participate.
Experts suggest Haya or Blackstone might be the favourites as currently they manage the largest portfolios (of Bankia and Catalunya Banc). Also, a recent report by N+1 points at Solvia as “one of the best servicers in Spain” having more “management skills” than the rest of the bidders.
Sareb must be extremely careful to avoid possible interest conflict as Santander, Popular and Sabadell are its main stakeholders.
The second stage of the auction will start in July and the agreements will be awarded to the winners in autumn.
Original article: Cinco Días (by Juande Portillo)
Translation: AURA REE