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Sareb Puts 4 Large Portfolios Worth €3.2bn Up For Sale

Posted by: In: Real Estate 14 Mar 2018 Comments: 0 Tags: , , , , , , , , , , ,
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12 March 2018 – Eje Prime

Sareb is in a hurry. The bad bank has put four large portfolios of assets up for sale worth €3.2 billion, in a move that sees the company getting ahead of the significant divestments that many of the large Spanish banks are planning to undertake.

Moreover, the company that manages assets inherited from the banks would be willing to add two campaigns to this divestment plan through the loan channel worth €1.25 billion and which, in addition to the portfolios that are coming onto the market, would allow Sareb to place up to €4.5 billion in assets.

Of the projects that it has brought onto the market, the bad bank highlights Dune. Through that operation, whose sale was thwarted in 2017, Sareb is putting up for sale €2.5 billion in mortgage debt, in other words, unpaid loans following the enforcement of real estate loans, according to Vózpopuli.

Two other asset portfolios that the bad bank is seeking to market are Project Nora and Project Bidasoa. The first comprises unpaid loans over residential homes for a value that ranges between €300 million and €400 million. Meanwhile, Bidasoa is a debt linked to land located all over Spain that, in total, amounts to €300 million.

Sources at Sareb, which declined to make any comment in this regard, only point out that the sales made during the first few months of 2018 relate to the company’s plan to “deseasonalise” its activity.

Original story: Eje Prime

Translation: Carmel Drake

The post Sareb Puts 4 Large Portfolios Worth €3.2bn Up For Sale appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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