They have been long waited for, especially the Bull Project, but the three first Banking Asset Funds (FABs), the investment vehicle set up for Sareb, have been already registered in the National Stock Market Commission (CNMV).
On December 18th, four and a half month after finalizing the transaction betweeen Sareb and HIG Capital fund, the FAB 2013 Bull was entering in the CMNV´s registry, managed by Intermoney Titulización company. The Bull portfolio, valued at 100 million Euros, consists of 939 houses, 750 garage spaces and storage rooms and a commercial premises. Sareb holds 49% of it.
Two days later, the FAB Corona was registered and the Ahorro and Titulizacion chosen as its management companies. Oficially, the operation has not been completed. After reducing the number of assets, there will be four office buildings incorporated into the portfolio.
Finally, on December 30th, the FAB 2013 Teide was launched. On the same day Sareb transferred a portfolio to the Fortress fund valued at 146 Euros, consisting of more than a thousand residential houses together with garage spaces and storage rooms, buildings under construction, commercial premises and land. It will be also managed by Intermoney Titulizacion.
The Banking Assets Funds (FAB) are an exclusive investment vehicle of Sareb, created on basis of the Law 9/2012. They are groupins of assets and liabilities, put together as separate properties without legal personality, however they may infer rights and obligations.
(…) The assets of FABs are transferred, directly or indirectly by Sareb, just like other assets acquired by subrogation or transformation of the previous ones, apart from the cash, the deposits of the creditors, securities of fixed rents acknowledged to the official second hand markets.
The FAB´s liabilities are those to be transferred, the securities of any type they issue, any type of credits and loans, institutional investors´input (…), and the liabilities proceding from the FAB´s activity.
The securities issued by FABs may be admitted to negotiations and may be only divided among the professional investors with the minimum face value of 100.000 Euros. (…).
The information obligations of the FABs are comprehensive and must be presented to CMNV in the annual account statements, they shall publish on the website of the managing companies quarterly and annual reports, the audit of accounts and any other relevant information regarding assets and liabilities transfers.
Additionally, the fiscal system highlighted for the FABs obliges them to tribute with the Corporate tax rate of 1% and also applies to them as to the Collective Investment Institutions (IIC).
Regarding to the shareholders and investors of a FAB, if they contribute with the Corporate tax and have their permanent premises in Spain or they contribute to the IRPF, they are reffered to as partners in an IIC. The ones who contribute to the income tax of non-residents without a permanent premises in Spain remain extent.