It expects to sell it before the end of the year and, as they are off-balance, all that it gain for them will be registered through the injection of capital gains.
This operation has been named Project Dune, and has the advice of KPMG. It has two sub-portfolios: Pilat, with 2,261 bad loans from 1,500 small and medium-sized developers, valued at 2,442 million; and Kirbus, with 115 loans with real estate guarantee and a nominal value of 176 million. This second sub-portfolio has as collateral of almost 1,000 real estate units, of which half are flats, located mainly in Barcelona, Coruña and Madrid. Half of Dune's portfolio is located in Catalonia, the Valencian Community and Aragon.
According to the prices that tend to move in the market, Sareb may obtain gross income / capital gains between 125 and 175 million, depending on the interest generated by the portfolio between the funds and the competition that exists.