Traces of the real estate bubble in Alicante: Sareb accumulates 7,600 properties in its portfolio

when they’re done 14 years Since Lehman Brothers bankruptcy causes it to explode housing bubbleThe consequences of the excesses and urban debauchery of those years still kick in. And more in provinces like Alicanteso-called one “zero point” of that catastrophe that caused one of the harshest stagnations in living memory.

The best proof of this is Sareb, the company founded in 2012 to liquidate the brick that bailed out savings banks had barely accumulated on their balance sheets. You managed to complete 43% of the mission entrusted to him after more than ten years of work. The task is not easy, because most of the assets he received in his time loans Backers with delayed or questionable collections, also known as “bad banks”, that executives must resolve to turn them into banks. landit can then be sold on the market to recover the maximum possible investment.

As a result, Sareb continues to accumulate new flats and land, despite the recorded sales on the one hand. In this way, according to data provided by the company itself, headed by Javier Torres, at the end of the first term the State-controlled company had multiple portfolios in the province of Alicante. 7,600 properties any valued 517 million euro.

Specifically, Sareb currently has up to 4,900 residential assets worth 240 million euros. 2,140 houses and 2,760 garages and storage rooms. Moreover 1,500 times at different stages of urban processing with an estimated value of 214 million and 615 tertiary propertiesie an additional 63 million euros for industrial buildings, offices or tourist uses.

Given the origin of these assets, the problems that “bad bank” managers have to face are all kinds of issues from the affected real estate. bankruptcy proceedings, with the complexity that this entails, to the others that result. practically unsaleable because of the unattractive places it was built during the balloon years.

Even so, Sareb is a significant sales speedthat got him rolling around 40 million in Alicante in the first semester This year it managed to get rid of 285 residences, 44 plots and up to 30 tertiary assets.

The big question is whether the boxes, for example, including rustic plots that could never be built on, can really get rid of their entire legacy. this SabadellWho was he supposed to take care of? cam poison brickmanaged to complete this task by selling most of these assets. big wallets to vulture funds, at great discounts. It’s a practice that Sareb has so far been a bit more cautious—in part due to managers’ desire to minimize losses—but this year seems to have accelerated.

Since its inception in 2012, Sareb has had to adopt different lines of action to fulfill its mission of liquidating assets taken from savings banks, which it often transferred to specialized companies. Thus, the company has committed to the management of loans and the commercialization of real estate. retail market To Hypoges and Anticipa-Aliseda. Serviland, on its behalf, is responsible for processing: urban land management While the poor bank remains a date in the payment or execution of loans, another main task of Domo is to complete the numerous stalled works accumulated in his portfolio. In this sense, in general, it is often much more profitable to finish the development and then sell the houses to individuals than to sell the building.

The “bad bank” has already begun your own organizer With Aelca. about Arqura HousesFocusing on nearly two million square feet of land on which about 17,000 homes will be built across Spain. In Alicante, among others, he developed the Anak promotion in the provincial capital; Residential Arena on the San Juan beach; and Arel in Benidorm.

Sareb has also committed to provide up to 15,000 properties to Public Administrations to be used for social housing.

From hotel rooms in Mutxamel to the biggest skyscraper in Benidorm

The list of key assets Sareb has to manage in the province is long and includes, for example, 30 rooms in a hotel complex in Mutxamel or several plots of land around Terra Mítica. One of them is suitable for hotel use at 23,800 meters. But undoubtedly the most symbolic operation was the sale of In Tempo, Benidorm’s largest skyscraper and one of Spain’s tallest buildings. The company took the mortgage on the property among the assets transferred to it by Caixa Galicia and sold the debt to the SVP Global fund, which finished and was responsible after the developer went bankrupt in an extremely complex process. sells flats. He sold the Kronos building, not the only skyscraper in the tourism capital of the province that passed through their hands.

Source: Informacion


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