Sareb divested €18.117M in 7 years

Sareb divested €18.117M in 7 years

This number corresponds to a 36% reduction of its portfolio: from 50.781 million euro to 32.664 million euro, according to the "Informe de Impacto Socioeconómico de Sareb - 2013-2019" (Sareb’s Socioeconomic impact report – 2013-2019) compiled by consultant EY. During the same period, Sareb spent a total of 1.547 million euro in asset management and marketing.

During its first seven years, Sareb sought to develop its work with «accuracy and professionalism, contributing to the economic and social recovery in a sustainable and responsible way, seeking to minimise the impact on the tax payers», mentioned the document. A total of 106.450 buildings were sold, 8.159 dwellings rented and 2.283 tertiary assets occupied.

Sareb appeared in November 2012 aiming at «managing efficiently and divesting in an orderly fashion the financial and real estate portfolio originating from the nine entities which received public assistance (BFA-Bankia, Catalunya Banc, Novagalicia, Banco Gallego, Banco de Valencia, BMN, Liberbank, Caja 3 and CEISS) », revealed the report.

«During 2013 and 2014 asset management and marketing were carried out by assigning entities and from 2015 that management was adjudicated to servicers Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia», it can be read in the document.

Sareb’s aggregated impact between 2013 and 2019 – which includes direct, indirect and induced economic contributions and the accumulated tax payments – corresponds to 0.45% of the Spanish GDP accumulated during the same period. To this should be added a total «29.548 million euro in economic, financial and tax contributions from Sareb to the Spanish economy during its seven years of activity», concluded the document.

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