Sareb is taking a step towards closing the operation Corona in the next few weeks, one of the portfolios it has currently in the market. Corona is made up of four buildings located in Madrid (Montecarmelo, Tucumán, Delta II and Delta III) with a market value of 80 million Euros. Initially, the number of buildings was higher (seven), but Sareb decided to restructure the operation and to reduce the volume to obtain a better price. The buildings withdrawn from the package did not belong exclusively to Sareb, and this created difficulties to the potential buyers. For this reason the offers received were not attractive enough. 32 proposals were presented which did not meet the expectations of the company.
After restructuring the portfolio, Sareb has received four “very favourable” offers, according to sources within the market. These four finalists will have approximately ten days to present the final proposals. After that, Sareb will select two of them and will start the process of due diligence.
The sale of the portfolio Corona will be carried out through a Banking Assets Fund (BAF), already used in August, when Sareb sold the portfolio Toro. The BAFs are investment vehicles with tax benefits. (…)