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Sareb launches 10.770 legal actions against developers
29 October 2019 | Vanessa Sousa

Sareb has already moved forward with 10.770 legal actions against real estate developers between 2017 and September this year.

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Sareb’s goal is to incorporate into its portfolio the respective buildings mortgaged to the bad bank, so it can later place them on the market. At stake is a 20.130 million euro nominal debt, according to Spanish newspaper Cinco Días this Monday.

In this mega-operation, Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (Sareb) contacted 270 law firms to file the legal actions in the courts, which should take between 2 and a half and 6 years. Aware of this, Sareb has already taken a position so as to accelerate the legal proceedings, reported the same newspaper.

The total amount of legal actions now disclosed, is about 5 times higher than the number of legal actions taken during the period immediately before – 2.297, mentioned the newspaper.