The Socimi Advero has bought a building with 16 apartments from Sareb. With this movement, the vehicle specialized in the management of affordable rental properties has reached the number of 173 apartments throughout the country and the Management Company for Assets from Bank Restructuring (Sareb) has advanced in its process of unburdening its portfolio real estate.
And it is that the entity also sold during the summer a lot of promoter loan to the company Procobro valued at 1,700 million euros. The asset in question comes from the remains of unpaid debts, which do not have real estate as collateral, so they are considered difficult to collect. This is one of the most important sales that Sareb has closed in 2021 and more than 10 investors fought for the land.
The company also hired Grupo Domo in July to complete 205 residential projects and bring 5,600 new homes to the retail market. Sareb will have to spend about 300 million euros to achieve this, but this will put an end to the unfinished developments that it accumulated in the crisis. The company explained at the time that the completion of the works and the commercialization of the properties to individuals will allow the company to obtain greater benefits from its assets than the sale of promotions in the institutional and business market, where significant discounts have been seen in so far this year.
In addition, the asset manager chose Servihabitat as a specialized manager for the urban development of 51 plots of land valued at 107 million euros at the end of July. The land has a buildable area of 1.2 million sqm, and Servihabitat will create an independent brand with a team exclusively dedicated to fulfilling this contract.
Sareb also evacuated assets this year after selling them to the Socimi Tempore Properties, in which it has a 21% stake. The listed company bought almost 500 properties that shot up its debt to 215 million euros. The Socimi, with a market capitalization of 155 million euros in BME Growth, manages more than 2,900 rental homes valued at 383 million euros distributed mainly between Madrid and Murcia.