Sareb has started September with a lot of activity. After placing a few days ago the operation Corona on the market, made of seven office buildings located in Madrid, last Thursday the company presided over by Belén Romana has put the so called Abacus portfolio on sale.
This is a package of 30 real estate loans whose value exceeds 350 million Euros. Unlike the other sales of credits, in this occasion the portfolio includes loans which have linked real estate assets. These properties have a tertiary use – offices, trade premises, parking spaces – and originate from the default portfolio of Bankia and NovaCaixa Galicia.
Both institutions transferred these loans to Sareb, with real estate guarantee, after various real estate companies not being able to meet their payments. Among these companies there are developers such as Aifos, now on a creditor´s meeting, or Ros y Falcón.
The operation could be closed in only two months as, according to sources with knowledge of the process, the assets to which they are linked are of very high quality. Among them, there are several properties located in Guadalpín (Marbella), as well as various office buildings, located in the Catalunya square in Barcelona and in the are of Pío XII in Madrid, as well as a hotel.
All international funds such as Cerberus, Fortress, Apollo, HIG and Blackstone could be among those interested. However, the final price of the package could reach 340 million Euros, according to sources aware of the process.
Corona and Abacus join then the list of operations started by Sareb. Until now, the so called bad bank has closed two great operations. The first one was Bull, made of nearly one thousand properties divided into different real estate developments scattered all around Spain. The package also included 750 parking spaces and one trade premises (…).
In August, a few days after this operation, Sareb announced the sale of Bermuda, which included a syndicated loan with the real estate company Colonial, with a nominal value of 3245 million Euros. Both Abacus and Corona are planned to exceed this amount, with starting prices of 350 and 450 million Euros, respectively.
Apart from these, Sareb has prepared four more packages: the so called operation Runner, which includes 35% of the shopping mall Corredor in Madrid. Sareb would like to obtain 25 million Euros for this participation, originally from CatalunyaBanc.
It also has the operation Blue, with hotel assets, and the portfolio Harvest, a package of rural land that includes at least 22 assets scattered in around six thousand hectares.
With a market value of 150 million Euros, it also has the project Teide, with finished and under construction properties.(…)