Sareb, the bad bank, receives this week the preliminary offers of the institutional investors interested in acquiring the first big portfolio on sale: the Bull Project. It includes finished assets in Seville and Valencia, along with other properties under construction with a value of 200 million Euros.
According to the established timetable, the deadline for investors to present their preliminary offers is the 6th June. One month later, the 15th July will be the moment to formalize the final and binding offers.
According to financial sources, around a dozen opportunistic funds would be analyzing the operation. Among them there would be Lone Star, Apollo, Colony, Centerbridge, Cerberus and Fortress.
After closing the first sales of assets to individuals and selling debt to Metrovacesa for 35 million Euros, the market is eager to see if Sareb settles on its first operation with big investors.
In some spheres it is considered vital that the bad bank closes as soon as possible four or five operations with opportunistic funds. These operations would help to settle reference prices for the assets, provide liquidity to the real estate market and attract other investors that are awaiting the first step.
Sareb has now six months to comply with its target of selling assets for 1500 million Euros in 2013.