25/07/2014 – Finanzas
Spain´s “bad bank”, Sareb, sold yesterday an 8-plot portfolio containing urban land in Alicante, Barcelona and Madrid, totally 84.600 square meters for development.
The transaction will be carried out through creation of a Banking Asset Fund (or FAB by its acronym in Spanish), registered at the National Stock Commission of Spain, 20% of which will be held by Sareb.
The plots were components of the “Crossover“, a project initiated by the bad bank few months ago in order to trigger urban land sales.
Together with the yesterday´s operation, the firm chaired by Belen Romana has already earned €108 million from this project.
In May, Sareb transferred another portfolio of seventeen urban plots to Castlelake for €80 million: twelve located in Barcelona, one in Alicante and another one in the Balearic Islands. In total, over 106.000 square meters of building land.
Also, out of the “Crossover”, the company has sold a more than €7 million worth of land (a total of 22.000 square meters in building lots in Madrid) through retail channel. This sales channel saw 5.175 properties transferred by Sareb in the first four months of the year.
According to the bad bank´s CEO Jaime Echegoyen, the sales prove interest in long-term real estate development of institutional investors.
Original article: Finanzas
Translation: AURA REE