Sareb is already in talks with various public administrations for the sale of a significant number of residences. These speeches took place just weeks after Prime Minister Pedro Sánchez announced his decision. with the intention Mobilize up to 50,000 properties from the ‘bad bank’ housing emergency to solve existing in some parts of Spanish geography.
Of these 50,000 houses, 21,000 will be put into service for the communities and municipal buildings to be purchased. Sareb sources confirm that they were in it. Further negotiations for the sale of approximately 1,000 flats to local and regional authorities. Since the announcement of the Chief Executive, Sareb received information requests from more than 300 public institutionsIn coordination with the Spanish Federation of Municipalities and Provinces (FEMP).
Despite good disposition, operations will take longer than expected due to multiple government changes In these administrations, the results of the 28 May elections were announced. Currently, only 9,000 of the 21,000 houses are available; the remaining 12,000 units await some form of physical or documentary reform, such as obtaining energy certificates.
So far, there is already several managements moving the tab, even before the government’s announcement. The Valencian Community has almost closed the purchase of 500 properties and the Generalitat of Catalonia is completing the largest purchase to a public administration’s ‘bad bank’. On a smaller scale, Xunta de Galicia bought 40 flats for 3.5 million in February or Murcia Region gained 15 flats in March.
Public institution houses that can be purchased by congregations and municipalities In the Mediterranean arc, it is concentrated in Castilla La-Mancha, Castilla y León and Galicia. because, as Sareb points out, it is “a reflection of the portfolio of assets they acquired from former savings banks and subsidiaries between 2012 and 2013”. 2,266 apartments together with Murcia (2,093), Castellón (1,769) and Tarragona (1,364).
Sareb to accept discounts on sale of Árqura Homes
Another front opened by Sareb is the sale of the largest portfolio of plots within the scope of its supporter to build housing. Arqura Houses. As announced by EL PERIÓDICO DE ESPAÑA of the Prensa Ibérica group, the organization led by Javier Torres commissioned Deloitte to research the market to explore potential interested parties.
The public company’s intention is to divest itself of the majority stake, although it will retain its position to benefit from future returns from the projects. At the moment, they have not yet decided how much to sell: they can stay at 40% or 45% or even 25% if there is an investor appetite. “There is a lot of interest in Árqura Homes”, confirm resources from ‘bad bank’. If the definitive closure of this transaction occurs, it won’t be before 2024.
For this to happen, Sareb will have to forego the price. The sale of Árqura Homes faces a troubled contractor market. Major listed companies, Aedas Homes, Neinor Homes and Metrovacesa, are trading at a discount of approximately 50% to the book value of their assets. Potential buyers will request a discount similar to that of these companies.As explained by EL PERIÓDICO DE ESPAÑA.
from sareb willing to discount because they understand that the buyer is taking risks. However, we find it difficult for the Board of Directors to approve a 50% reduction, assuming it is an alternative to continue operating and realize more value as has been the case so far,” they add.