Sareb has awarded the valuation of its property and mortgage portfolios to a consortium lead by the law firm Clifford Chance and the real estate consulting company CB RIchard Ellis (CBRE).
The firm lead by Belen Romana announced a few weeks ago a tender requesting proposals on how to value and manage the bad bank´s portfolio from multidisciplinary teams, lead by the main law firms in the country. “We need to do a due diligence so as to know what has been transferred and to verify all legal aspects of these assets”, Alberto Prieto, general director of Knight Frank, explained during the presentation of the Association of Real Estate Consultants.
In the specification sheet, the bad bank requested that a law firm, a real estate consultant, an auditor and a supplier of technological services should be part of the team. “We need to have all necessary information, we need to know the assets and make sure they have all have the required documents in order to be able to sell them”, Santiago Aguirre, president of Aguirre Newman, stressed in that same press conference.
Five consortiums took part in the tender, all lead by the law firms Garrigues, Cuatrecasas, Uría, Clifford Chance and Freshfield.
The main real estate consulting companies present in the Spanish market also took part in the tender: Aguirre Newman, BNP Paribas Real Estate, CRBE, Jones Lang La Salle, Cushman & Wakefield and Knight Frank. As for auditing companies, there were Ernst & Young, KPMG and Deloitte and in the technological sector; IBM and Accenture.
Each consortium made its proposal of services and also of a budget.
Finally, the winning candidacy is made of 13 firms: 6 law firms (Gomez-Acebo Pombo, Pérez Llorca, Ramón y Cajal, Deloitte Abogados, Broseta Abogados, lead by Clifford Chance) and five valuation companies (Gesvalt, Savills, Knight Frank, Cushman & Wakefield and CB Richard Ellis, who leads the process). The firm of professional services KPMG will provide services of transfer prices revision, while IBM will be in charge of the technological solutions and the data bases. (…)