Banco Sabadell would like to contribute to the value of its real estate company Solvia. The institution has started to probe the market and is studying a possible sale of the company, as admitted by Jaume Guardiola, managing director.
In view of the interest the Spanish real estate sector is awakening among the great international funds, Banco Sabadell has decided to study the sale of Solvia, a company that has been able to commercialize 12615 properties this year. “We are considering the sale in view of the interest there is in the market”, Jaume Guardiola has declared during the presentation of the quarterly results of the bank. “It is only an analysis, we might do it or not”, he has pointed out, after stressing that Solvia is currently “a central point” within the bank. “It is the instrument we have to evacuate assets; it runs like clockwork and it has an outstanding team and productivity”, he has declared.
The managing director of Sabadell has clarified that a potential sale of Solvia would only be based on “taking advantage of a market opportunity” and not because the bank needs capital.
Catalunya Banc and Bankia have already sold their platforms for the sale and asset management this year. (…) Between January and September, Banco Sabadell has sold 63% more assets, a total of 12615 units, with earnings of 1909 million Euros, an increase of 55% over the previous year. The target for the whole year was to get rid of 16000 properties for more than 2600 million Euros.
According to Guardiola, “Sabadell is the bank with the least exposure to the real estate sector in the Spanish financial sector. (…)