SPAIN: Sareb, a company created by the Spanish State and the European Commission, has secured 235 million Euros from the sale of commercial assets.
The private company was part of the plan set out in 2012 by the Spanish State and the European Commission to recapitalise the financial entities most affected by the crisis.
The idea was Sareb absorbed the impaired assets of those financial entities, managing and selling high-risk assets from Spain’s four nationalised banks: BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia.
Sareb is now selling 23 commercial assets, which include tourist properties located in Murcia, Malaga, Valencia, Almeria and Madrid.
They include aparthotels and apartments, as well as hotels, with a room count of more than 1700.
A statement on the company’s website said: “The assets and their operation require a specialist hotel and resort management capacity, and as such this lies beyond the scope of Sareb’s strategic business operations. The hotel portfolio accounts for a very small weighting in the company’s balance sheet and it would not be possible for Sareb to improve its profit line via any form of investment or in-house management.”
Sareb’s strategy is focused on non-institutional residential property sales and the development of land for its subsequent sale – a strategy that allows it to maximise the repayment of aid.
