Last week, the bank left the socimi regime to manage these properties internally, about 4,000 units, with the help of their own 'servicer', Solvia, and with the objective of making the most of the growing recovery of the rentals market.
This decision comes at a moment when Sabadell has chosen to accelerate its real estate disinvestments. Recently, with the aim of presenting its strategic plan, the bank brought forward its intention to reduce its toxic assets (debt linked to housing stock and equally to adjudicated properties) at a rate of 2,000 million euros up to 2020.
The bank values Sabadell Patrimonio at 818 million euros, according to the annual accounts at the close of the 2015 financial year. Additionally, the bank has a further 15 properties rented out which it also intended to make part of the socimi and now, in spite of being in partnership with another vehicle, will share the same strategy plan.
Oaktree has won the latest auction of problem assets by Banco Sabadell, as part of Project Normandy.
HI Partners, the hotel subsidiary of Sabadell bank, bought the Incosol hotel, in Marbella, for 20 million euros, and now intends to renovate the property
The Värde fund is to enter its listing via the new Vía Célere in 2018, after its merger with its other real estate promoter, Dos Puntos.
Due to our annual leave, we will resume our news services in September.
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