Sareb to Grant Asset Management to Foreign Funds

3/04/2014 – Expansion

Soon Sareb will organize a competition for the most coveted contract among foreign funds: administration of €50 billion worth of real estate assets and loans. Agreements for €200 million annually are at stake and Apollo, Centerbridge, TPG, Blackstone, Värde Partners and Cerberus already set their hearts on it.

As Romana told, Sareb wants to hire the best servicers that would accompany it at complex and massive asset management. (…).

Two days ago, Sareb sold the property manager of BMN to Centerbridge for €50 million (…).

By taking such step, Belen Romana aspires at improving asset management and cutting in costs down to €200 million. In 2013, they represented 50% of all expenses.

(…) Sareb´s chairwoman also revealed that last year the bad bank facilitated 1.280 in lieu deeds of foreclosure and 1.360 developer debt refinancings. (…).

 

To learn more about the Spanish bad bank, visit our SAREB section.

 

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE

36