Sareb is ready to explore new sale channels in order to attract potential investors and speed up the sale of assets. The managers of the company, with Belen Romana at the head, are negotiating constantly with the great international funds in order to start selling packages of properties, plots or credits to developers to them. Some of them, such as Fortress, Cerberus or Centerbridge even considered entering the capital of Sareb at an earlier stage, but received a rejection of the company due to their requirements. Sareb is working intensely in different operations and hopes to close important transactions.
Some investors are turning to the company with a clear idea of what they are searching because they knew the real estate portfolios of the nationalized institutions before they were transferred to Sareb. They tried to buy at an earlier stage and did not succeed. And now they are trying again. Other investors, on the contrary, turn to the bank without knowing the portfolio, but with a clear idea of what type of asset they are looking for. In other occasions Sareb takes the initiative, making the assets public to investors, as it considers they might be of interest for investors.
At the same time, the bad bank advances with the funds in the definition of the investment channels. There are multiple instruments. The options range from packages of similar assets, known as Banking Assets Funds (BAF), to leasing companies and the Socimis, among others. The investor is asked about the most convenient instrument and it is studied. The concept is very flexible and the range of options, very broad.
They are also analyzing new channels for individuals, apart from the branches that have transferred assets. The company is sounding out the real estate agencies. Their intention is to use other specialized sellers.
In this strategy, the selection of assets shown to potential customers is vital. The offer should be measured out in order to increase the demand, as flooding the market could cause the collapse of prices and threaten the profit target of 14%. (…)