4/11/2014 – Europa Press
The Management Company for Assets Arising from the Banking Sector Reorganization (abbreviated to Sareb by its name in Spanish), the bad bank of Spain, selected Solvia, the real estate firm of Banco Sabadell, to manage a portfolio containing 42.900 assets representing repossessions of Bankia and loans and properties of Banco Gallego and Banco CEISS.
Solvia is set to take the management on its shoulders from January 2015 onwards. The awarded portfolio is one of four the bad bank wishes to outsource inside Project Ibero, announced few months ago. On December 31th 2014, the asset management contracts with nine entities that transferred their toxic assets to the bad bank in 2012 will expire.
At the moment of signing these contracts, the properties included in the conveyed portfolio were worth of €7 billion and they are mainly located in Madrid, the Valencian Community, Catalonia, Castille-Leon and Galicia.
REO Asset Load
The portfolio handed over to Solvia consists of 33.000 real estate assets, apart from the loans and credits with properties as collaterals. The latter, proceeding from Banco CEISS and Banco Gallego are mostly found in Castille-Leon, Galicia and Madrid.
Through the Project, Sareb seeks quality and efficient asset management services ‘taking advantage of arrival of new professional operators specialized in the third party management’.
The rest of the portfolios awaiting award include financial and real estate assets originating from Liberbank, Novagalicia Banco, BMN, Catalunya Bank, Caja 3 and Banco de Valencia, and additionally loans of Bankia.
Solvia won the bidding basically thanks to its effective business activity and technological capacity. Especially valuable in that sense was the wide real estate asset portfolio-transfer experience of the company.
Moreover, Solvia currently manages and trades the REO load of one of the banks, Banco Gallego.
Supervised by an Outside Auditor
Sareb claims the process was highly transparent, public and regarding possible conflict of interest and it has been supervised by an outside auditor watching over its correctness.
According to CEO of the firm, Jaime Echegoyen, ‘the popularity of the tender allowed to maintain competition on the high levels throughout’. Project Ibero is ‘one of the measures taken to add to value of the entire portfolio’.
Original article: Europa Press
Translation: AURA REE
The post Sareb Awards Solvia (Sabadell) With Management of 42.900 Asset Pool Worth €7 Bn appeared first on Aura Real Estate Experts.
Source: AURA Real Estate Experts