The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb), has seen a significant jump in sales over recent weeks, with over 1,800 properties sold as at mid July.
In addition to the retail channel, which has grown exponentially since it began operating in March, Sareb has also opened other channels, such as individual asset sales, as well as institutional disposals - in fact it will soon be marketing its first portfolio - Project Bull.
Up to July Sareb grossed nearly 900 million euros, mostly from the management of financial assets (loans and development financing) which account for 80% of its portfolio. 137 million euros was obtained from the sale of properties, as well as 25 million euros from rental income.
After a start to the year marked by the founding of the company and the transfer of Group 1 and 2's assets, Sareb forecasts an busy second half, via its three sales channels.
In the retail market, Sareb will continue to work with the contributing banks to market its assets, whilst also implementing alternative ways to boost sales, in collaboration with other players in the real estate market.
In the institutional market, Sareb is working on the launch of several portfolios with different types of assets, both financial and real estate (land, retail units and residential housing). Transactions with institutional investors will lead to the creation of the first Bank Asset Funds (FAB). These are financial instruments that are unique to Sareb, which have tax benefits and enable the company to partner with professional investors in the management and divestment of their portfolio.
In practice, FABs will operate as a joint venture, in which the institutional investor will participate, and which will provide a professional manager specialising in the disposal of assets, and Sareb, which will retain a minority position. The fact that Sareb will retain a share in its capital will allow it to enjoy the future upside of the assigned portfolio.
In conjunction with the institutional and retail markets, Sareb is working on individual prime assets, including the sale and letting of high value properties with special characteristics, particularly in regional capitals.