Madrid (EFE) .- Public management company property assets SAREB resolved in a few weeks called to manage their portfolio of 50,000 million euros competition, a process that has attracted the interest of international investors and, according to its CEO, Jaime Echegoyen, “you can change the direction of the market.”
Speaking to EFE, Echegoyen notes that “it is reasonable to think that in the future there will be a process of concentration between platforms “-companies servicers specialized in providing services to third parties-and” shall be only those with a larger size. SAREB management can give them the leadership they want. “
For Echegoyen, “The competition is a milestone not only for the size of the portfolio, probably the largest award of its kind ever made in Spain, but also by the criteria of rigor and integrity that have been imposed.”
The Asset Management Company Restructuring Coming Bancaria- Sareb- has hired an outside auditor to ensure that each phase of the process is made rigorously and with maximum transparency.
Managing SAREB portfolio composed of loans and foreclosed assets promoter, is currently in the hands of the nine institutions rescued, but their contracts expire in December and the company has decided to launch a competition to find new managers for its assets .
“We choose three or four suppliers better able to manage our assets in a professional and efficient manner. And we are at the appropriate time to do so, because they have come to operators market and specialized professionals that two years ago almost were not in Spain, “said Efe Echegoyen.
The CEO refers to the massive landing in Spain of large funds who bought real estate platform to banks, as Apollo (which bought Altamira, Santander), Värde Partners-Kennedy Wilson (Aliseda, Popular), Blackstone (CatalunyaCaixa Real Estate), TPG (ServiHabitat, CaixaBank) Cerberus (Bankia Habitat) and Centerbridge (Aktua, Banesto and subsidiary BMN).
The competition, which has been named “Ibero” is in its final stage and is the award is expected to occur in late September or early October next.
According to market sources, the eight groups who have bid in the non-binding phase are Aktua, Altamira, anticipates, Servihabitat, CEISS, Beech, Novagalicia and Solvia.
Echegoyen highlighted the activity of SAREB in the past 18 months, with over 17,000 properties sold to individuals and 17 portfolios positioned to wholesale investors, mainly foreign, with which it has held over 800 meetings.
“SAREB happened in a very short time to be a paragraph in the BOE to be a fully operating company, which is attracting foreign investment is still key to the revival and recovery Spanish real estate sector, “said.
The company was formed in late 2012 to manage and liquidate loans and promoters foreclosed properties from the nine banks rescued. SAREB acquired these packages with a debt issue totaling 50,000 million euros to the state guarantee.
“The repayment of debt principal is our commitment to society, and we are fulfilling. In the first year of life, although we were not operating from the beginning, we were able to pay 1,200 million euros in interest and amortization 2,000 million in debt. In 2014 we have already written 1,600 additional million “has advanced Echegoyen Efe.
In his opinion, “SAREB has played a key role in changing the perception that international investors had on the Spanish economy. late 2012 and early 2013 no operation is closed, because there was confidence in recovery. When SAREB sold his first portfolio, everything started to change. “
Jaime Echegoyen joined SAREB in early 2014, after a long career in the financial sector, where he was CEO of Bankinter and subsequently Barclays Spain.
Your SAREB incorporation coincided with a new approach to the business model of the entity, which does not arise only liquidate the assets purchased, but manage to create value .
The CEO exemplified stop the completion of work, more than 100 promotions this year, or the empowerment of rental housing, a business, trust, allow SAREB profitable promotions before them for sale.
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