Sareb Puts 1,100 Homes Up For Rent In 20 Provinces

13 December 2016 – Público

On Monday, Sareb put around 1,100 homes up for rent, located in approximately twenty Spanish provinces. Most of the properties are new builds, but there are also some second-hand homes in the portfolio.

“The company is aware of the increasing demand in the rental market from different groups, such as young people, and it is trying to contribute to the growth in the availability rate of homes, through initiatives such as this one”, said Sareb in a statement.

The company has said that it intends to boost the rental of homes with the aim of avoiding their deterioration, covering their costs and facilitating their sale in the future, in order to fulfil its divestment mandate.

The assets are located in the provinces of: Alicante, Almería, Badajoz, Barcelona, Castellón, Ciudad Real, Cuenca, Girona, Guadalajara, Huelva, Lleida, Madrid, Málaga, Murcia, Pontevedra, Sevilla, Tarragona, Toledo, Valencia and Zaragoza.

Sareb, which was constituted at the end of 2012 in return for aid amounting to €41,300 million granted by Europe to the Spanish government to rescue the banking sector, has played a key role in the clean-up of the Spanish financial sector, by allowing those banks that received public help to transfer assets amounting to around €50,000 million to the vehicle.

Original story: Público

Translation: Carmel Drake