Sareb, known as “the bad bank”, has sold more than 700 properties until May, a figure that increases exponentially each month, as announced this Tuesday by the president of the company, Belén Romana. This figure represents 1,2% of the 55.700 properties included in Sareb´s portfolio. This figure is far from its objective of getting rid of 45.000 properties in five years, but Romana has declared that the pace of sales each months doubles the one of all previous months. She has also predicted that this exponential growth will continue in the future. And it will be necessary to see that kind of growth, as at this pace of sales, Sareb would need 26 years, until 2039, to sell its stock of properties and around 21 years to sell the established 45.000.
This should be achieved thanks to the signing of financing agreements with banks and with the creation of Funds of Banking Assets (FBA), instruments created jointly with institutional investors, and that will allow the sale of real estate assets in the hands of Sareb competing directly with the transferring institutions.
The president of the “bad bank” has announced that the company will create its first FBA to close the sale of its portfolio Bull, that includes finished and under construction properties in Andalusia and Valencia, with a value just below 100 million Euros.
In negotiations to sell this portfolio to great investors, Sareb has seen their interest in having a FBA, and therefore the real estate company will create a joint company that will buy these assets, that will be sold to the retail network later, competing with other assets that banks or real estate companies are now trying to place.
In Romana´s opinion, this decision will allow the increase of retail sales, as the investment funds interested in the portfolio Bull are specialized managers with aggressive sale strategies.
The FBA are exclusive instruments of Sareb, as they cannot be created by any other institution and with tax benefits, as they only pay 1% of the company tax.
If the investor is not Spanish, he will not have to pay the taxes on any profit he might obtain, only if Sareb remains in the capital of the FBA.
Apart from “Bull”, Sareb is preparing the launching of other portfolios for the second half of the year with loans, as well as trade premises, land and homes, among others. (…)
Source: 20 Minutos