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
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
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
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
Sareb
17 plots
Registered in CNMV 11 th July 2014
Management company: Ahorro y Titulizacion
Joint venture – Sareb (20%)
8 developable lands
Registered in CNMV 04 th December 2014
Management company: Ahorro y Titulizacion