Tuesday, March 28

Sareb chooses Blackstone and KKR to manage an asset portfolio of 25,300 million


The board of directors of the Management Company for Assets Proceeding from Bank Restructuring (Sareb) has pre-selected Anticipa-Aliseda (Blackstone) and Hipoges (controlled by the KKR fund) as the ‘servicers’ who will be in charge from July manage and market assets of the company destined for sale for an approximate value of 25,300 million euros, has reported the entity also known as ‘bad bank’ and collects Europa Press.

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Of the total volume pending final adjudication, around 13,300 million euros correspond to unpaid loans to the developer, while the rest, almost 12,000 million euros, are residential real estate, land and tertiary assets to be sold on the retail market (individuals and companies).

Following this decision, in the coming weeks progress will be made in closing and signing the contracts with these operators, who have obtained the highest score in accordance with the requirements set within the framework of a competitive process audited by Mazars.

For Sareb, the choice of these ‘servicers’ should allow the company to make its sales operations more effective and efficient.

In this sense, the firm chaired by Javier García del Río intends that these contracts improve performance through a much more detailed definition of the resources that operators will dedicate to their portfolio. In terms of efficiency, this new model is expected to generate very significant savings for the company.

Technical capabilities and “experience”

To launch this competitive process, which has been guided by the principles of transparency, independence and free competition, Sareb indicates that it carried out “extensive market research” among the top 15 companies in the sector.

In the evaluation of the proposals, in accordance with the audited and established rules from the start, “the technical capacities, experience and the price offered by each of the candidates have been contrasted”.

All the offers received within the framework of the process have been considered as valid and analyzed, so that the result of the technical and economic score is what has delimited both the number of candidates for the second phase and the final pre-selection.

After the closing and signing of the contracts, Hipoges and Anticipa-Aliseda will be in charge of the management of loans and the commercialization of real estate in the retail market from next July.

For its part, the development of activities related to urban management processes, completion of stopped works and real estate development are not included in these contracts and will continue to be carried out through Serviland, Domo and Aelca -through the investee company Árqura Homes-, the operators specialized in these areas selected by Sareb.



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