This asset management entity, established in 2012 to handle distressed real estate assets, started with a portfolio that included more than 133,000 properties, of which 46,542 were built and ready. The state assumed full control about a year ago and is now negotiating with regional governments and city councils to transfer up to 21,000 properties for social housing as part of a government plan announced by the head of government and covered by the publication.
Where is Sareb’s real estate located?
This portfolio is concentrated in several regions, with the Valencian Community accounting for the largest share of Sareb homes and land, roughly 22 percent of the total. The origins of these assets are mainly former savings banks, including institutions that merged over time. The portfolio includes holdings from entities that became part of CaixaBank after mergers. The distribution also reflects past mergers involving other banks in Catalonia and Andalusia. In total, Sareb owns 133,314 properties. Of that total, 46,542 homes are already built and 24,619 plots are usable land. Only about 15 percent of the assets lie in provincial capitals where rents tend to be higher, while about 70 percent of homes are in smaller cities and towns.
How are properties distributed in Catalonia?
In Catalonia, Sareb’s portfolio comprises 13,499 houses, 2,872 plots, and 1,751 homes under construction. Most assets originated from former savings banks. In the province of Barcelona there are 2,872 plots and 1,751 built properties, with 6,997 currently under construction. In the capital, Barcelona, Sareb holds 767 homes, 37 plots, and one building under construction. In the province of Tarragona, the portfolio includes 3,010 houses, 1,159 plots, and 600 homes under construction. The capital of the province has 169 Sareb properties and 12 plots. In Girona, Sareb owns 1,776 residences, 505 plots, and 203 properties under construction, with 347 homes and 13 plots located in the provincial capital. In Lleida, there are 286 houses, 66 plots, and 15 properties under construction, with the provincial capital reporting the same totals.
How does Sareb sell real estate?
The publicly traded company announced a call for bids from specialized firms to help relocate homes and provide solutions for vulnerable families. Since 2021, it has opened sales and rental tenders for the properties in its portfolio, with Anticipa-Aliseda and Hipoges overseeing operations. For development projects, an alliance has been in place with the Árqura Homes broker since 2018. Results from tenders in 2021 brought in a provider focused on urban management (Serviland) and another provider (Domo) to complete work in progress. Servihábitat handles affordable and social rentals.
What is Sareb?
Sareb was created in 2012 through a public-private agreement between the Spanish government and European authorities to recapitalize financial institutions hit hard by the 2008 financial crisis. The state became the main shareholder, taking control of impaired assets from those institutions. In 2012 and 2013, Sareb acquired a portfolio consisting of nearly 200,000 troubled assets, including construction-related loans, for a price set by the Bank of Spain: €50,781 million.
Sareb currently holds assets valued at approximately €27.7 billion. The plan envisages potential sale before November 2027 unless the government decides to extend its useful life. A looming concern is a latent capital loss, estimated around €8.6 billion, arising because many assets were transferred to Sareb for a price above their current market value, which could trigger losses upon sale unless assets are repriced or restructured in a more favorable manner.