Sareb exceeds 1,500 million in institutional sales in 2016

Throughout 2016 the ‘Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria’ (Sareb) has secured deals with institutional investors for a nominal sun of ha 1,565 million euros.

Among the transactions finalised in the last period of the year the sale of a portfolio with a nominal value of 553.3 million, known as “Eloise”, stands out. This was the largest institutional transaction brought to a conclusion by the company up to now. The adjudicated loans in “Eloise”, are guaranteed by buildings situated in 15 provinces of Spain, principally in the autonomous communities of Cataluña (42% of the assets), Galicia (19%), Andalucía (12%) and Madrid (11%). In 95% of cases these are non-performing loans (NPLs).  87% of these loans are of a residential character, 10% commercial use and 3% land.

The success of this deal shows the capacity and availability of Sareb to consolidate its divestment mission which it has been granted, as well as the dynamism and responsibility with which it is exercising its function”, added the Director of Management of Sareb, Juan Ramón Dios. Sareb used the law firm Ashurt as legal consultants and Evercore, as financial consultants.

In addition to the “Eloise” portfolio, Sareb in the second semester of 2016 also closed the sale of a loans packet at a nominal amount of 202 million euros guaranteed by residential developments and land located in the provinces of Madrid, Barcelona, Gerona, Lérida and the Balearic Islands. The company channelled the operation, known as “Project Phoenix”, through Altamira Asset Management.

Also, has awarded loans with a nominal value of 158 million euros supported by residential buildings in Madrid. This transaction, under the name of “Madrid Buildings”, was coordinated between Sareb, Solvia and Haya.

Also of relevance is the sale of a packet of loans with a nominal value of 140.5 million euros, known as the project “Antares”. The collaterals for this debt comprise residential assets, land, offices and shopping centres in Barcelona and Malaga.

Among the most important deals in the last six months of the year was the portfolio “Berlin”, comprising a loan 67 million euros mostly guaranteed by residential assets and land situated in the provinces of Madrid, La Coruña, Alicante, Valencia and Barcelona. Servihabitat and Haya collaborated with Sareb in the transfer of this loan package.

The company manages certain deals in institutional sales through its four ‘servicers’ (Altamira, Haya, Servihabitat and Solvia), “which are well advanced in their strategy to provide visibility, amongst institutional investors, of their asset portfolio and the product catalogue which Sareb assigned them”, explains Sareb.