It is still awaiting the finalizing of its first sale operation to institutional investors. Just six months after its creation, which equals 3,33% of its useful life, the “bad bank” has scarcely developed the three pillars of its commercial strategy. Three channels which , in the next 14 years and a half, should allow it to get rid of more than 197.000 assets, properties and credits, acquired from the nationalized and aided institutions for more than 50.000 million Euros. And if possible, with a profit.
That is why, although originally it was decided that most of the commercial activity would be focused on the great investment funds, the president of Sareb, Belén Romana, did not take long to defend that the company would take advantage of all possible sale channels, which includes the retail, wholesale and unique assets ones.
Also, the business plan of the bad bank includes rental plans for those properties with less possibilities of being sold, as well as demolitions and the development of unfinished developments. Each channel has its own features and its target audience, these are their main features and achievements.
Homes for individuals
This was originally considered a marginal channel, but now the commercialization of homes to families is one of the main driving forces of the commercial activity of Sareb in its first months. The management of properties and their commercialization among individuals has been subcontracted for a year by those institutions that transferred their assets, which know the portfolio well and have the access to financing. Between February and May, the companies have closed the sale on 550 homes, have started 800 operations pending to be registered on public record and have registered preliminary offers on another 2200. The activity has generated earnings of 500 million Euros for Sareb, although this amount includes the sale of properties and the recovery of credits.
Packages for investors
The main bet of Sareb, however, is placed on the attractiveness generated by the sale of packages of assets, real estate or credit ones, among investors. The model allows to gather them in the so called FBA (funds of banking assets), collective investment instruments with a very advantageous taxation: during the 15 years of operation of Sareb they only pay 1% and the non resident investors, included those acting from tax havens, are exempt from the withholding on benefits.
In spite of this, for the moment Sareb has only been able to barely underpin a great operation, known as “project bull”. It will include the sale of a package of 200 million Euros with properties scattered around Andalusia and Valencia, to a group of international investors. This type of transactions is negotiated directly with Sareb, even if the transferring institutions or the investment banks, can provide a good entrance door. Sources within the venture capital assume that there are no similar operations because of the price. And regarding the credits for buyers, Sareb has recently signed an agreement with Santander in order to finance the acquisitions of banking assets funds, as well as granting mortgages to individuals, at an interest from Euribor + 2,25%
The portfolio of Sareb does not only include homes, plots and credits to developers. There are also unique assets, such as hotels, malls, office buildings and luxury residences, the acquisition of which assures the granting of a permit of residence if the price is over 500.000 Euros. As these are unique assets, they are not included in the so called FBA and their acquisition is negotiated directly with Sareb.
Source: Cinco Días