15 November 2017 – Expansión
Yesterday, the bad bank reported updated figures for its commercial business. Between January and September, it sold 13,796 properties, up by 55% compared to the same period last year, boosted by commercial campaigns and the change in the real estate cycle. These figures imply a drop in the growth rate compared to the previous quarter, most likely influenced by the lower activity typically seen in August. Note, the data relates to the first 9 months of the year until 30 September and therefore does not reflect the suspension of real estate activity in Cataluña since that date.
The sale of residential properties grew by 50% YoY, whilst the sale of warehouses, retail premises, hotels and offices rose by 99%. The bad bank also sold 710 plots of land, up by 31% compared to the previous year.
Sareb is also involved in property development activity. This year, the company has sold eleven developments that it received when they were unfinished.
The bad bank’s total revenues grew by 3.6% during the 9 months to September – after increasing by 21% during the first 6 months of the year – to €2,394 million.
Sareb has never made any money. Its cumulative losses amount to €781 million. Since its creation, it has reduced its toxic asset balance by 23% and has repaid 19% of the debt it issued initially.
Renewal of the board
Sareb is going to subject the renewal of its Board of Directors to the General Shareholders Meeting for approval. The former minister and former President of Endesa, Rodolfo Martín Villa, who represents the Frob, will depart for reasons of age. He will be substituted by Eduardo Aguilar, former CEO of Seguros. The representative of Popular will resign from the board to make way for Jaime Rodríguez Andrade, Director General of Problem assets, restructurings and corporate investments at Santander. And the representatives of CaixaBank will be replaced: Jorge Mondéjar and Antonio Cayuela will take over from José Ramón Montserrat and Antonio Massanell.
Original story: Expansión
Translation: Carmel Drake