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Greece 14 May 2018 – Eje Prime
Sareb sold almost 5,000 properties during Q1. During the first three months of the year, the bad bank placed 4,782 units, of which 2,358 corresponded to own properties and 2,424 to loan collateral properties that were transferred from the balance sheet of property developers, according to a statement issued by the company. Compared to the first quarter of 2017, that sales figure represented an increase of 12%.
88% of Sareb’s sales between January and March involved homes, whilst 7% corresponded to the sale of plots of land and the remaining 5% to the sale of commercial assets that the bad bank held relating to the tertiary market.
Similarly, the real estate company has announced the proposal to its General Shareholders’ Meeting to appoint Juan Ignacio Ruiz de Alda as a new board member, as a representative of the Restructuring Fund (Frob). The executive, with experience at Metrovacesa and Banco Santander, amongst other companies, would take over from Lucía Calvo, who left the company in January.
In 2017, Sareb ended the year with a real estate portfolio worth €37,179 million and €3,050 million of repaid debt, meaning that the company had managed to reduce its indebtedness by 25% during its first five years of life.
Original story: Eje Prime
Translation: Carmel Drake