The Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Management of Assets Resulting from Bank Restructuring Society) – Sareb, advanced with its project to select an industrial partner to be in charge of managing the terrains belonging to the company presided by Jaime Echegoyen.
The society, known as bad bank, which launched at the begininning of the year a competition, selected consultant CBRE, LandCo (Santander), Aliseda (plataform owned by Blackstone and Santander) and Servihabitat (servicers for Lone Star) as candidates to go through to the process’s final stage, according to Cinco Días.
Sareb’s terrain management portfolio will initially include 51 parcels estimated at 107 million euro, which had, up until now, been managed by Haya, but the company’s intent is to increase this portfolio until it reaches 320 parcels, with a net book value of 1.12 billion euro.
These terrains, most of which are for housing use, are spread across the whole of Spain and centred, mostly, in Andalusia, Catalonia, Madrid, the Valencian Community and Galicia. In total 60.000 dwellings can be developed in these terrains. The company also has rural terrains (finalists and under management) estimated at more than 4.6 billion euro.
The company’s goal is to find a specialised partner to work on the urban processes of assets which currently have less liquidity but hold an intrinsic value. Land management requires a greater expertise and consumes many resources and, as such, the company decided to select a specialised company for those tasks.