19/12/2014 – Expansion
The bad bank of Spain moves on to outsourcing its major loan and property portfolio management and awards Cerberus, Apollo and TPG with the remaining three lucrative contracts, including 126.000 real estate assets valued jointly at some 41.2 billion euros.
The winners will administer and sell the soured assets transferred to Sareb by various banks.
Full management will be ceded on Januay 1st 2015 for a term of five to seven years. Likewise, Sareb will receive around 600 million euros as a warranty for the asset management.
About a month ago, Solvia (Banco Sabadell) was awarded one of the four contracts, compound of 42.900 assets worth 7 billion euros in total.
Original story: Expansión
Translation: AURA REE