Sareb: There Are 100 Funds Interested in Our Assets

Walter de Luna, the CEO of the Asset Management Company for Bank Restructurings (Sareb) said yesterday in London that the competition between the great funds to invest in the real estate market might enable the property prices to climb back up.

¨We have started to observe good signs announcing upcoming rise in property prices in the nearest future.¨ told the Expansion De Luna while in London at the meeting with international investors. ¨The latest data reporting surge of the housing prices in Madrid and the Balearic Islands points out a recovery, as the engine of the sector is usually driven by these provinces. And in the process of Sareb´s assets selling we also notice growth in other properties´prices¨.

 The Director believes that the establishment of the so-called bad bank joining loans and the property of nationalized entities for the subsequent sale revives the market. According to De Luna, ¨By raising attractive transactions, Sareb has served as a catalyst for the investors´demand. There are around 100 funds competing for the sales portfolios.¨

The Sareb´s Director particiated in the meeting on investments in Spain organized in the capital of the United Kingdom by the law firm Clifford Chance. About 200 managers, analysts and bankers were present there as well. On Monday and Tuesday the Director met with representatives of the funds like Apollo, Blackstone, OakHill and Orion Capital.

Since 2013, the first year of Sareb´s existence, this semipublic entity  has invested 2.000 million Euros in the assets sales. (…) The executive director of the Dutch bank ING, did not want to express his foresight about the operations´volume at the end of the exercise because of many ongoing transactions.

Alfonso Benavides from Clifford Chance said that ¨even though the volume of Sareb´s activity on the overall market is still relatively small, its contribution helped to activate the market, set the reference price up, attract investors´attention and  give way to implement other transactions.¨ (…)

Walter de Luna assures that he has spotted no traces of fear of doom and gloom times or an additional collapse of the real estate sector in Spain. (…).

Source: Expansión