09 TEIDE PORTFOLIO (OCTOBER 2013)
The portfolio, valued at €146 million, was compound of more than a thousand of houses distributed over 36 residential blocks of an average age of 4 years. They are located in Madrid, Andalusia, Castilla – León, Catalonia and Galicia, together with parking lots and storage rooms, apart from the ongoing building works (6 housing developments under construction) and land (four plots). Altogether, they occupy 351.555 m².
The transaction gave way to a new FAB (the Fund for Banking Restructuring), in which SAREB had a small holding. The sale was coordinated by KPMG.
Several investors had demonstrated their willingness to take part – Fortress and Blackstone among them – before September 20th when the deadline for non-binding offers expired.
SALE DECEMBER 2013
Sareb has transferred a vast part of “Teide” portfolio, consisting of 6400 units of residential houses, garages and storage rooms.The operation was carried out via a FAB in December 2013, in majority held by Fortress. The new FAB was registered in the CNMV (Comisión Nacional del Mercado de Valores – the National Stock Market Commission in Spain). According to the agreement´s terms and conditions, the FAB´s properties were to be managed by Grupo Lar, a firm that also skimmed a small stake in the vehicle.
Related post on Aura´s webpage: http://auraree.com/real-estate-news/bad-bank-transfers-thousand-assets-valued-146-million-euros/