The Bad Bank Transfers a Thousand Assets Valued at 146 Million Euros

The bad bank which has absorbed 50.449 million Euros in the real estate assets from banks and local cash offices with public aid, continues to shed weight. Sareb has transferred the portfolio “Teide”, consisting of residential houses, garages, storage rooms, trade premises, buildings under construction and land, valued at 146 million Euros, as the bad bank informed today.

The operation will be conducted via creation of the banking assets fund (FAB), a tool for collective investment designed under Sareb´s guidance in search for more opportunities of indirect asset sales to the investors. Thus, the fund shares will be hold in minority by Sareb and also by the Lar real estate group and the Fortress fund.

FAB, the new fund, has been already registered with the National Stock Market Commission (CNMV). By holding a part of shares of the fund, the entity chaired by Belen Romana “may derive benefit from any future sale of the mentioned real estate assets”. The awarded property is situated in Andalusia, Catalonia, Castilla and Leon, Galicia and Madrid and the Lar group will manage them.

6.400 Properties Sold

By mid November, Sareb has sold 6.400 properties, while its business plan had been established at 34.000 units sold by 2016. What is more, the bad bank has sold Metrovacesa´s debt worth 115.5 million Euros in last months, all the syndicated loans of Colonial for 245 millions and two other portfolios inherited from the banking institutions for 323 millions.

The company assures that the sales rythm is speeding up and it has already got a few initiated operations bound to complete in the following months, such as the Harvest Project, including 22 rustic properties  and the Operation Corona, consisting of 600 offices in the Community of Madrid. In the first year of its activity, Sareb earned more than 2.000 million Euros, althought probably it will close the exercise with losses.