Sareb intends to make its real estate assets, its land and credits related to the developing sector profitable as soon as possible. It is now preparing the sale of two portfolios of rural land, initially in the hands of Bankia, made of 22 assets with a surface of 5700 hectares, although this number could be increased. This is the so called Harvest project, which will be commercialized through Bankia Habitat and two real estate companies.
A complete challenge. Sareb has decided to accelerate so that its shareholders, included the State with 49% of its capital, may obtain a profit from their investment and thus end the critics not only from the market, but also from the troika and mainly from the International Monetary Fund (IMF). Sareb wishes to reached its cruising speed in the second half of this year, as explained by the firm to its shareholders.
After promoting the sale of home to retailers, and while it finishes its first great sale of real estate assets to international funds – known as project Bull -, and the sale of a package of credits to developers for 1200 million Euros – under the name of operation Bermuda – the firm presided over by Belén Romana has created the project Harvest. It is the first package of rural land it places on the market.
The project Harvest is made of 22 assets divided into two portfolios with a total of 5700 hectares, although this is an initial figure and could be increased once Sareb ends the classification of all its portfolio of rural assets.
The first of these two portfolios will be commercialized by Bankia Habitat, as most of its assets have been transferred by BFA, the parent company of Bankia. This package is made of eight groups of estates located in Cordoba, Murcia, Teruel, Madrid, Valencia and Navarra. The second portfolio will be commercialized by two important real estate brokers whose agreement is being finalized. These firms will sell rural land to the rest of institutions that have transferred is toxic assets to Sareb, which is located in Badajoz, Caceres, Tarragona, Murcia, Alicante, Ciudad Real and Soria.
Sareb´s technicians have detected transferred rural land which is located in natural settings with a high value. Among them Cabo Cope, Sierra de Irta or Sierra Tivissa stand out. Arrangements are being made to proceed with the immediate disinvestment of this land.
There are, in fact, offers for land in Cabo Cope with a surface of 200 hectares.
These real estate firms have agreed to reinforce their web sites and carry out aggressive commercial actions with rural unions, as well as with real estate agents specialized in the areas where these plots are located. Initially Sareb studied more than 200 rural plots, with a surface of 9700 hectares, although in the end 22 assets have been selected, as these ones can be commercialized “right away”, as explained by sources related to the bad bank.
The land put on sale will not be for building purposes, although some plots could be finally change their land use, the same sources explain.
The sale of rural land is one of the main pending issues within the sector, and mainly within the nationalized institutions, the main sources of transfer of rural assets to Sareb.
One of the most important problems for their sale is that they do not have the appropriate channels for their commercialization. And also that the transferring institutions have not carried out active disinvestment strategies.
Source: Cinco Dias