19 October 2015 – El Mundo
Sareb is continuing to push ahead with its property sales. During the first half of 2015, the so-called ‘bad bank’ sold an average of 30 properties per day through the retail channel alone, according to results published by the organisation itself.
Specifically, during the first six months of 2015, Sareb sold 5,345 properties to retail clients. These operations were primarily concentrated in Cataluña (18.2%), Valencia (13.7%), Andalucía (13.4%), Madrid (13.2%) and Murcia (10%).
Sareb’s half-year activity report also describes the initiatives the entity has launched to create value in its portfolio. In this regard, it highlights the completion of six developments where building work had been suspended, in addition to 24 other developments that have been finished since the entity’s creation.
Moreover, in this sense, Sareb has resumed work at 11 other developments, which have required an investment of €5.2 million. In addition, the company has approved the development of 13 plots of land in Andalucía, Valencia, Cataluña, Galicia and Madrid.
Sareb’s total turnover amounted to €1,629 million during the first half of 2015, 10% less than in 2014. In this way, the ‘bad bank’ closed the first half of the year with losses before write-downs of €92 million, 23% less than those recorded in 2014.
Sareb notes that “the progress of the business has been affected by the gradual entry into force of of the asset management agreements with the new servicers (Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia). “The laborious migration process”, it adds, “which was concentrated during the first half of the year, has slowed down the rate of sales”.
Looking ahead to the future, Sareb expects “an improvement in turnover during the second half of the year, given the recovery in real estate activity, the signing of institutional transactions and the commercial campaigns that it expects to launch before the end of the year”. In line with the evolution of the real estate sector, Sareb’s business also exhibits a seasonal component, which involves an increase in activity during the second half of the year.
Original story: El Mundo
Translation: Carmel Drake