The Bank Asset Funds (FABs) are investment vehicles of SAREB exclusively, created on basis of the Law 9/2012. They include grouped assets and liabilities constituted as separate patrimony without legal personality, although titles proceeding from rights and obligations may occur. They are intended for professional investors only.

Fiscally, it is an attractive product as it contributes to the Corporate Tax at 1% charge rate. Also, it covers the IRNR (Income Tax for Non-Residents) if the investor is not a permanent resident of Spain.

SAREB is responsible for naming the FABs´ management and representation to a special purpose vehicle (SPV) fund. The FABs operate like joint ventures, in majority held by SAREB. The minimum investment value is €100.000.  

SAREB´s obligation to report embraces as follows:

– Registering in the CNMV
– Providing annual accounts to the National Stock Market Commission
– Publishing biannual reports on a FAB´s managing company´s website
– Making its audit of accounts public
– Publishing any relevant information concerning transfer governing

ESTABLISHED FABs

FAB 2013 BULL

Joint venture – Sareb (49%) and HIG (51%)

1.476 finished, 26 development and 55 rented

Sales as of June 2014: 235 assets (€15,7MM)

Registered in CNMV 18 th December 2013

Management company: Intermoney Titulizacion

FAB CORONA

Sareb (100%)

4 office builings in Madrid

Occupancy as of June 2014: 90%

Estimated monthly rents: €3,3 MM

Registered in CNMV 20 th December 2013

Management company: Ahorro y Titulizacion

FAB 2013 TEIDE

Joint venture – Sareb (15%) and Fortress (85%)

2.083 finishe, 5 development and 38 rented

Sales as of June 2014: 202 assets (€18,7 MM)

Registered in CNMV 30th December 2013

Management company: Intermoney Titulizacion

FAB 2014 MAY

Sareb

17 plots

Registered in CNMV 11 th July 2014

Management company: Ahorro y Titulizacion

FAB 2014 CROSSOVER I

Joint venture – Sareb (20%)

8 developable lands

Registered in CNMV 04 th December 2014

Management company: Ahorro y Titulizacion