It is possible that some international investors interested in the Spanish market do not take any holidays in August, because Sareb has just placed five new real estate lots in the market. The funds have the possibility of analyzing simultaneously seven great packages of very heterogeneous assets.
These lots include shopping malls, tourist complexes, offices to rent, finished properties and under construction ones, and rural land, as advanced yesterday by Expansión Directo Banca. The company presided over by Belen Romana has just opened the sale process of its first package of shopping malls, named, Runner, while the package of tourist complexes has received the name Blue. It has also place in the market, under the name of Harvest, a package of rural land that includes 22 assets scattered in 5200 hectares. For the moment, Bankia Habitat is in charge of this disinvestment, although Sareb has just started the selection to hire another broker that participates in the operation.
Apart from these three disinvestment processes, Sareb offers another four lots of assets with a nominal value of around 2000 million Euros. The operation Corona includes offices to rent located in seven of the best buildings in Madrid, with a market price of around 450 million Euros. An important real estate consulting company is in charge of finding investors interested in the buildings, which originated from the portfolios of Bankia and Catalunya Banc and which are located northeast from the city, like Campo de las Naciones, Montecarmelo and Manoteras. Sareb hopes to receive the first offers in September so as to close the sale in October or November. The project Teide is also open, which includes finished apartments and under construction ones, with a market value of 150 million Euros.
Apart from trying to seduce the investors with its real estate assets, Sareb is also trying to do so with the financial ones, that make up 80% of its balance. Several weeks ago, it started the project Bermuda, made up of credits to developers from Metrovacesa, Realia and Colonial, with a joint nominal price of 1200 million Euros. At the same time it advances in the sale of its first lot of assets for wholesale investors, the project Bull. The negotiators of the bad bank are in contact with the international funds that have presented offers, among them Lone Start and Centerbridge. Their target is to finish the disinvestment in the next few weeks.
Officials sources from Sareb avoided any comments on these operations, but insisted that their activity “will be intense in the second half of 2013”, after a first half devoted to the opening of different sale channels and the classification of assets, which has still not finished. They specified that the operations of Sareb are not common sales, as they will be channeled through investment vehicles, either through joint risk companies or Socimis, among others.