スペインの不良債権(貸し倒れ)処理銀行(SAREB)は、はじめての不良債権の住宅などを販売、2億0000'0000ユーロ
The bad bank prepares its first sale
The lot consists of 38 homes and buildings under construction located in Andalusia and Valencia The Sareb expects to receive bids for 200 million by next July
El banco malo prepara su primera venta
El lote está compuesto por 38 viviendas e inmuebles en obras situadas en Andalucía y Valencia La Sareb espera recibir ofertas por unos 200 millones hasta el próximo mes de julio
Bloomberg Madrid 22 MAY 2013 - 17:49 CET
The bad bank prepares its first sale
The lot consists of 38 homes and buildings under construction located in Andalusia and Valencia The Sareb expects to receive bids for 200 million by next July
Bloomberg Madrid 22 MAY 2013 - 17:49 CET
The bad bank, the company set up in 2012 to manage the real estate assets of financial institutions bailed out, is about to close its first sale, reports Bloomberg. With this operation, dubbed Project Bull (something like Toro Project), will test the ability of the beleaguered Spanish property market to attract investors.
The public company has retained the services of KPMG to close the sale of a group of houses located in Andalusia and Valencia, as well as a number of unfinished buildings, according to Bloomberg have reported four different sources. The bad bank, officially known by the name of Sareb, expects to receive bids for 200 million euros, according to the sources, who requested anonymity because the process is still open.
According to Bloomberg, investment funds such as Apollo Global Management, Leon Black and Colony Capital, led by Thomas Barrack manager would be interested in buying in order to make a profit from the housing bubble burst. The cumulative price decline from the highs of 2007 in the property market and to reach 39%.
The Sareb received assets with a strong discount to book value as reflected in the nationalized entities. In case of loans the cut was 46%. But the most pronounced is the soil, where the reduction reached 80%.
"That Sareb succeed in your first sale would be a signal to other investors that there is an opportunity in Spain, but remains a major hurdle," he told Bloomberg Tyrrell-Hendry Lee, an analyst at Royal Bank of Scotland. He recalls, investors are on the hunt for high returns, which can be found in Spain, "but because the risks remain high and economic forecasts remain weak," he added. In this respect, also some warn that prices will continue to drop, as Standard & Poor's, which promises to fall another 20% before bottoming.
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