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90 // iberian.propery / 2017
Sareb is the Asset Management Company for the
real estate assets coming from the banking sector
restructuring. It is a private institution created in
November 2012, to manage and orderly dispose
of the assets acquired from the nine financial insti-
tutions that received government funding.
It was created with a portfolio worth €50,780 mil-
lion, of which 80% represented real estate related
loans and 20%were all classes of real estate assets.
Sareb issued private debt with the Spanish Treasury
guarantee in order to acquire the portfolio.
As part of the divestment strategy, Sareb has a
program that enhances the value of the portfolio
by investing in Development, Work in Progress
and Rentals.
Since its creation, Sareb has reduced 21% its port-
folio and repaid 20% of its debt.
Fund strategy Divestment process
Gross Asset
Value
€ 40.925 Mn
Net Asset Value € 39.975 Mn
Liabilities
92% secured bonds
/ 8% equity (2%
capital and 6%
subordinated debt)
Equity € 4.049 Mn
Performance
Objective
Its mission is to
divest an asset
portfolio with a value
of 50.781 billion
euros in 15 years
Target Investors
Institutional (54,1%
held by private
Banks, Insurance
Companies, a RE
Company and na
Electric Company;
45,9% hel by the
Spanish Government
through the Fondo
de Reestructuración
Ordenada Bancaria
(FROB))
Legal Domicile Spain
Jaime Echegoyen
Enríquez de la Orden
President
Rodolfo Martín Villa
Propietary Director
Manuel Enrich
Director Investment Relations
Board Members
Data provided by Sareb