13/03/2014 – Expansion
Sareb begins new phase stated in its 2014 strategy: intensive asset sales in terms of intergrated business planning. César Barrasa, Portfolio executive for the bad bank, boasts of the achievements of Sareb during the first year of the company´s lifespan referring to it as a “success story”.
“Fourteen months ago, there were only 4 people managing €38.000 million in assets transferred from the Group 1. During this period, we have sold out assets from 49 out of 50 provinces and we have redeemed €1.000 million senior debt and €1.200 million of interests.”
At the end of 2013, Sareb gains were equal to €3.800 million. “95% of 9.000 sold assets were houses, showing an 83% turnover.”
The target of the company, that has just received the due diligence results from Clifford Chance and CBRE for 2014, is to “manage credits more efficiently and develop land”. (…).
“When it comes to real estate, we have minimum amount of supply and planning permissions. There is a housing stock of 580.000 units with decrease in transactions if compared to 2012. Purchase by foreigners is gaining ground.” (…).
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Original article: Expansión (R. R.)
Translation: AURA REE