The last business plan of Sareb, redrafted by the consulting company KPMG in March, established a sales target of 7528 properties at the end of the year, with the intention of obtaining earnings of 933 million Euros. The institution assures that the pace of sales will reach its “cruising speed” while the company carries out its activity.
In this sense, the company presided over by Belén Romana hopes to reach a medium term objective, stating that it does not need to reach a specific number of sales this year. The business plan establishes that Sareb will get rid of 34000 properties until 2016.
However, it is also necessary to take into account the wholesale market, in which Sareb has awarded a portfolio with 939 properties to the venture capital fund HIG, within the operation Bull. Through a Banking Assets Fund (BAF), the institution will hold 49% of the capital and will therefore participate in the earnings derived from the sale of these properties.
Sareb indicates that the renovated interest of the foreign venture capital firms in the real estate sector could mean that prices are reaching their rock bottom level. In this sense, they hope that this perception of the market should provide a boost to the sales of properties. As for next year, the company forecasts a scenario with a bigger volume of sales and a certain stability of prices.
The bad bank also points out that it bets on rentals with the aim of maintaining its assets “alive” and in view of the cultural change experimented by Spanish people after the real estate and economic crisis.
Sareb will also transfer between 1500 and 2000 properties to the regional governments in order to reserve them for subsidized rentals. The agreements with the regions are still in a “first stage”.
On the other hand, Sareb has various pending operations that it plans to close before the end of the year. There is the sale of a portfolio of loans from Realia within the operation Bermuda and the sale of a package of offices (Corona project). “We are in the last stages of the negotiation”, they have declared from the bad bank.
The company lead by Romana has also launched the project Harvest (22 rural properties in different regions), the project Crossover (80 plots of building land) and the project Paramount (35 luxury villas scattered around Madrid, Barcelona, Costa del Sol, Comunidad Valenciana and Balearic Islands with a joint value of 38 million Euros), among other operations.