Solvia, a real estate services company, reports in its accounts a loss of work after losing a contract with Sareb to manage part of its portfolio. This portfolio had been handled by a former real estate subsidiary of Banco Sabadell, which inherited it from CAM. The result was a 24% drop in turnover last year, a hit that narrowed the firm’s profit in a meaningful way.
The decline is also visible in the accounts filed with the Commercial Registry. The company, now owned by the Swedish group Intrum, shows a turnover of 119.9 million euros for the previous year. That figure places Solvia among the country’s major service providers, yet it marks a substantial fall from the prior year when revenue stood at 158.1 million euros.
The primary driver of these results is the loss of Sareb as a core client. Sareb began a competitive process midway through the previous year to renew its asset management contracts, and Solvia did not secure renewal. As a result, after seven years in that role, Solvia ceased managing loan portfolios, also known as bad banks, in June and foreclosed properties in September. Consequently, income from services provided to Sareb fell from 55 million euros to 40.9 million euros.
The job loss also hit profitability. Profit fell sharply, dropping from 35.5 million euros to 11 million euros—a decline of about 68%.
New contracts
Intrum notes that the drop in Solvia’s figures is not catastrophic, arguing that gains at other subsidiaries offset the losses. Aktua, another group company, is cited as contributing to this offset. Through the current year, Solvia has begun signing new contracts aimed at stabilizing performance, including responsibilities in the marketing and maintenance of real estate assets. A notable contract in this regard involves CaixaBank.
The company also states that it is growing its reach. It continues to expand its franchise network. Real estate offices under its umbrella now exceed 70 locations and the firm intends to bring the total to about 100 in the near term.
Solvia traces its origins to Caja Mediterráneo, a precursor whose assets were folded into Sabadell after the 2008 financial crisis. The aim was to streamline the sale of repossessed properties at a moment when the housing market was under stress. Sabadell ultimately took control of the Alicante savings bank’s assets, rebranded the operation, and expanded its activities to include asset management for other institutions. A contract with Sareb was established in 2015.
In 2018, news broke that Intrum acquired 80% of Solvia, a Swedish group specializing in collection management, with the remaining 20% following in December of the previous year. Although the registered office was moved to Madrid, Solvia continues to operate from one of its principal business hubs in Alicante. The current ownership structure underscores the shift toward diversified asset management and portfolio oversight across a wider European context.