Between late February, the date at which the management contracts with the contributing banks were signed, and May, the Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) sold a total of 550 residential properties.
In addition to completed sales over the past three months, Sareb has a further 800 transactions ongoing and pending completion, and another 2,200 properties which have received preliminary bids.
Up to May, the income earned by the company in the management of its financial assets - real estate loans and development financing - and real estate assets exceeded 500 million euros.
These figures do not include the results of Sareb's sales campaign during the International Real Estate Exhibition in Madrid (SIMA). The company chaired by Belén Romana was present at this exhibition on the stands of Bankia and Catalunya Banc, as well as real estate brokers and other entities.
In addition to disposals, Sareb has given itself as a strategic objective of boosting the rental of its residential properties, especially in markets suffering from lower levels of liquidity and with reduced sales potential. This strategy allows Sareb not only to meet the growing social demand for such products, but also to maximise the profitability of its assets.
At present, the company has almost 8,000 properties under lease, which account for a quarter of the income from the management of its real estate assets.
So far, the retail channel has been the most active, but the company has already begun to operate with institutional investors. Sareb recently launched its first portfolio of assets for the institutional market and has just completed the direct sale of its stake in a syndicated loan.
Sareb's president, Belén Romana, stated that "the company is undertaking the necessary steps to fulfill the mandate which it has been given", namely the disposal of a financial and real estate portfolio acquired from contributing banks valued at 50.7 billion Euros, within a maximum timeframe of 15 years.
Despite the current economic environment, "since its creation, Sareb has encountered significant investor interest in its products, which cover a wide range of property types, as well as loans and development financing" stated Belén Romana.
This has enabled the company to advance its commercial activity, despite limited human resources at the beginning of the year. At this time approximately 50% of the personnel required have been recruited.
Sareb's portfolio includes 55,700 residential properties and about 30,000 ancillary assets, such as garages and storage units, as well as some 15,000 plots of land, of which 80% are considered urban and designated for development. It also owns over 185,000 square metres of offices, thirty hotels and 150,000 square metres of lettable area in shopping centres.
Financial assets account for almost 80% of the company's balance sheet. Two thirds of the loans are for completed buildings.