The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has seen heightened levels of activity in the institutional market over H2 2016, making it a key channel for completing its divestment mandate at an appropriate rate. Sareb has closed deals with institutional investors throughout the year (with some still pending formal completion) amounting to a par value of EUR 1.565million.
Among the deals closed in the latter half of the year, we would particularly note the sale of a portfolio with a par value of EUR 553,3million, referred to as 'Eloise'. This is the largest institutional deal ever carried out by the company to-date.
In H2 2016, Sareb also completed the sale of a loan portfolio with a par value of EUR 202 million, secured by residential developments and land located in the provinces of Madrid, Barcelona, Girona, Lérida and the Balearic Islands. The company carried out the deal, referred to as 'Project Fénix,' via one of its servicers, Altamira Asset Management.
Between June and December, the company also disposed of loans with a par value of EUR 158 million, secured by residential properties located in Madrid. Sareb entrusted Haya Real Estate and Solvia to sell these assets, and the portfolio name was 'Madrid Properties´.
Also of note was the sale of a loan portfolio known as Project 'Antares', with a par value of EUR 140,5 million. The collateral for this loan portfolio is comprised of residential, land, office and retail unit assets assets located in the Barcelona and Malaga areas.
Another major deal completed in the second half of the year was Project 'Berlin', comprised of loans with a par value of EUR 67 million, the majority of which are secured by residential assets and plots of land located in the provinces of Madrid, La Coruña, Alicante, Valencia and Barcelona. Servihabitat and Haya collaborated with Sareb on the transfer of this loan portfolio.
The company manages institutional sales via its four servicers (Altamira, Haya, Servihabitat and Solvia), who continue to drive forwards with their strategies of providing institutional investors with a clearer view of Sareb's property portfolio and the products that Sareb has entrusted them to sell. In order to achieve this, they are scaling up their sales activity and bolstering the specific tools required for this type of investor.
Hence, Haya Real Estate recently launched a platform to sell non-performing loans secured by real estate assets and began to work on Sareb loans. Through this platform it has closed transactions such as 'Marina', the sale of debt with a par value of EUR 80 million, secured by logistic and industrial assets, as well as land in Madrid and Barcelona.
In the first half of the year, the company disposed of loans with a total par value of circa EUR 162,3 million. One of the most noteworthy deals was Project 'Argent', which comprised the sale of a non-performing loan (NPL) portfolio with a par value of EUR 73,3 million, secured by industrial and logistics collateral.