The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has reached an agreement with the tourism real estate group Pierre & Vacances to rent the group four complexes in various different locations on the Spanish coast. Via this agreement, Pierre & Vacances will carry out the management of these assets and will pay a rent to Sareb.
The transaction forms part of the company's policy on asset management in order to gain the maximum value for its portfolio, whilst the properties are on its books. Sareb's CEO, Jaime Echegoyen, highlighted the advantages of this agreement, "which allows us to generate returns and drive overseas tourist demand, thanks to the brand awareness of Pierre & Vacances and their international sales network".
Sareb plans to invest 2.5 million euros in improving its tourist properties, thereby taking advantage of the growth in overseas tourism in Spain and the upturn in international residential demand in specific coastal areas. The agreement with Pierre & Vacances currently assumes the management of the Benidorm Poniente apartments in Alicante; Marina Torredembarra (Tarragona) and the Portomar and Vistalegre complexes in Mallorca. It is expected that additional properties will be added to this agreement later this year.
Pierre & Vacances currently manage 240 Sareb owned apartments, but this number could double in the medium term, via the incorporation of other properties. Last year, Sareb had a total real estate rental income of 68 million euros and its goal is to drive this business area in the future.