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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.


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.