Sareb to Complete Construction of 3.000 Dwellings This Year

After successful sales of thousands of properties to investors, Sareb, the company charged with giving the real estate assets of the bailout banking way out, foresees the completion of 3.000 flats being under construction by the end of the year.

In the zeal of asset management the company has got over 130 ongoing developments, total of around 3.000 dwellings, which will be easier to sell at better price if completed.

According to the sources of Sareb, the enterprise is ready to invest 100 million Euros to startup the construction works before summer and finish the developments in 2014, given that in a half of them only 20% is left to complete.

In fact, 60% of the developments have advanced up to 95% and the company foresees “nice perspectives” for commercialization of the properties.

In geographical terms, the properties are situated mainly in Catalonia, the Community of Valencia, Galicia, Madrid and Castilla y León, both in large and small cities.

Except for the sale, since its beginnings Sareb has been considering renting any of its 89.000 properties, but also completing the developments under construction or even demolishing them (…).

Sareb pursues at the best profitabilty. (…). In order to complete and sell the properties, the company called several tenders to choose the providers specialized in the technical and commercial management. (…).

Apart from this tremendous work, another challenge the company will face this year will be to take full advantage of 2.000 dispersed dwellings that are not urban developments and their sales in packages to the investors might be complicated.

For this property portfolio Sareb planned their temporal assignment to autonomous communities for the social rent purpose. (…) It has come to agreement with 7 of them.

The third great challenge the company is ought to face the loan management granted to small developer companies, finding solutions like the sale of properties with guarantee, dation in payment or application of discounts to the entities facing difficulties in paying their debt off.

Source: Expansión