Sareb starts an express auction for 800 subsidized homes.

The bad bank (Sareb) intends to finish 2013 with the best results possible, after the critics received from Brussels. The company lead by Belén Romana has put 822 subsidized homes on sale in the Dorian project, for which Sareb intends to obtain around 50 million Euros, according to financial sources close to the operation.

The bad bank and its adviser in this operation, N+1, gave details from this operation last week, intending to close it before 2013 ends. The funds have been surprised by the celerity to get rid of this portfolio, however, they confess their high interest in the sale.

With this strategy Sareb wants to take advantage of the success the sale of subsidized homes is having among great foreign funds such as Goldman Sachs and Blackstone and the Spanish management companies Azora and Magic Real Estate.

This is why it has joined in one portfolio the subsidized apartments it has in its stock that belong to the same building. In total, seven apartment blocks that make up the Dorian Project, from the awarded assets transferred by Bankia and Catalunya Banc. Five of these buildings are located in Madrid, the other two in Guadalajara and Barcelona. (…)

Sareb would have another 7000 subsidized properties, mainly from Catalunya Banc. It has still not taken a decision yet on how to get rid of them. (…)

Source: Expansión