H1 2014: Sareb Markets 45 Houses A Day & Evens Sales Out to the Entirety of 2013

20/08/2014 – Cinco Dias

The Management Company for Assets Arising from the Banking Sector Reorganization, or Sareb by its acronym in Spanish, has managed to reach the average pace of 45 properties sold daily during the first half of the ongoing year.

The figure notably exceeds the 25 unit average from the entirety of the previous year and it confirms the trading engine of the company has achieved the operating speed predicted by its managers for 2014.

In detail, Sareb sealed deals on 8.104 properties. To compare, throughout 2013, Spain´s bad bank sold 9.000 units. Out of the total marketed in H1 2014, great majority of the sales were closed in the Valencian Community (17.5%), Madrid (16.3 %) and Catalonia (12.2%).

74% of the earnings proceeded from loans

When it comes to Sareb´s revenues, the firm led by Belen Romana earned nearly €1.7 billion, while at the end of the least year, the figure post €3.8 billion. Out of the present €1.7 billion amount, 74% originated from financial asset management and sales (two thirds of the whole portfolio), whereas the rest, 26%, corresponded to real estate assets.

Therefore, only €441 million proceeds from direct home sales, setting an average price per unit at €54.412. At the end of 2013, the mean was reaching €78.000.

Sareb remarks that a part of the total of 8.100 properties were in hands of developers who were helping the bad bank to pay off their apartments and whose impact is not taken under account.

73% of the 2014 target completed

The company planned to sell 11.000 properties in 2014, so the first half score means the target has been 73% completed.

Sareb will intend the earnings for settling a part of its debt – this year €3 billion in the red.


Original article: Cinco Días (by Juande Portillo)

Translation: AURA REE