スペインの不良債権処理銀行(SAREB)の社長の面談記事
ENTREVISTA A JUAN BARBA
"Ya hemos vendido suelo al contado y tenemos bastantes ofertas"
El director de Activos Inmobiliarios de Sareb anota que ya han revisado los precios de 33.000 activos
Descarta que puedan donar parte de las viviendas porque los ciudadanos avalan la deuda con la que las han comprado y tienen que devolver esa cantidad.
Inmaculada de la Vega 3 JUN 2013 - 20:25 CET
INTERVIEW WITH JOHN BEARD
"We have already sold land and have enough cash deals"
The director of real estate for Sareb notes that prices have already reviewed assets 33,000
Discard to donate part of the houses because people support the debt with which purchased and must return that amount.
Inmaculada de la Vega 3 JUN 2013 - 20:25 CET
Juan Barba (Avila, 1972), 18 years in real estate, is the director of real estate for Sareb (Asset Management Company of the Bank Restructuring Coming) from which it has said is one of the largest real estate in Europe .
Not much in the press lavished. In The Country I explained long ago, when he was director for Spain and Portugal of the bank Aareal Bank, the danger of the tremendous pressure of cheap money policy exercised in the financial market since the housing market overheating and could lead to developers and banks that undertake great performances clearly unviable. He asked cautiously. It was May 2005. Again, in 2008 he spoke to us from the British Venture Capital firm Doughty Hanson. On that occasion, refinancing and liquidation of the promoters. This time, Juan Barba serves us by telephone, between management and management because, critics or defenders of bad bank, all are agreed that the team works intensely and well paced.
Question: Sareb, estate or financial??
Answer: It is a mixture of both. It is approximately a 77% loan and 23% real estate. Of the latter, especially, have housing. This is a percentage changing and could rotate over the life of the loans. In fact, it is rotating.
P. It is said that during the first two years will sell the best assets and beyond will be difficult to profitability has been announced (13-14%)
R. As settlement entity that we are, we have to sell. Our strategy, in search of that profitability, going to use investment vehicles for the best assets, allowing us to obtain short-term gains and keep a percentage of the portfolio in the middle. The truth is that most of the assets, approximately 60%, housing is finished with an average of between 120,000 and 130,000 euros.
P. Sareb expected from large reductions in prices and a clear influence on the market. In fact, it is said that prices were detected instead of down, came up ...
R. From the outset, the obsession is that assets Sareb reflect its market price, that the price is competitive and allow it to turn into sales. Manage from one day to another hundred thousand assets plus loans is not easy. To facilitate the operation, initially, general and simple rules dictate, what might have triggered some point deviation in the short term, you are trying to fix ASAP.
P. How are prices set?
R. The entities, based of real estate agents who work with delegates and their territorial and other tools on the market as real estate portals, set the price for their assets. We review the proposal. We accept it in most cases but in others propose fix up or down to bring it to market values. We try to price in line with the market. We have set prices and about 33,000.
P. Are there contacts with large block funds to sell?
R. We are very active. We already released the first portfolio and are ready to offer other under conditions of transparency and competition. The procedure is to invite a selected number of funds with which we sign confidentiality agreements ... Nama (the Irish bad bank) took about two years and one month to put the first portfolio in the market. We have done it in four months.
P. It protects the trade policy of each entity or only asked year-end results?
R. We tracked sales weekly to monitor your progress. Moreover, in some cases what we will do is put the properties for rent in areas where there is no market to buy. For example in some municipalities of Castilla La Mancha and in Valencia, because they are oversupplied communities.
P. Some professionals complain that they do not have them, are already closed the structure necessary?
R. We need to grow more but we will continue to rely on many third; intend to support our management of them. We have developed a strong and strict vendor policy that guarantees competition, transparency and rotation.
P. Everyone points to the floor as the big problem.
R. As we have closed several cash sales, and we have a pipeline of remarkable deals. That allows us to say that there will be a bad year in that paragraph, in relation to our expectations. We are evaluating ground floor and in some cases the best strategy is to wait rather than develop it or sell it.
P. He has published on fees being paid by the marketing: 0.15, 0.2 assets traded ...
R. There are a few tables, we understand, are market.
P. The audit concerning communities fees, maintenance, land clearing board will it be delivered on time? Is it possible to assess the impact of the cost and permanency of the assets in the portfolio about and what percentage may be unrecoverable?
R. The answer may be given in July when the due diligence is complete. It is analyzed approximately 50% of the portfolio. And from the beginning we have budgets of the entities that are the ones who know their assets: service charges, IBI, security, maintenance ...
P. Sareb can provide or compel their institutions to give loans for example the developer to finish a promotion.
R. They are two separate issues. On the one hand, transferred real estate assets have been included loan limits available promoter. On the other, as to whether you can force others obviously not. Each entity is sovereign in its funding policy.
P. Social organizations demand that the housing park nationalized entities constitute a social rental housing at below market prices.
R. For now, Sareb has leased 5,000 and that figure is increasing. Part of the homes will be affordable rent and affordable but discard any connotations involving donate. We can not let go of them. Citizens support the debt with which we bought and we have to repay that amount. Also, create that park looks more like a government role.
P. Are you worried about the announcement of the Junta de Andalucía to tax empty housing?
R. Sareb is required to manage and market their portfolio as efficiently as possible and the arrangements applied by the Board to fulfill that commitment hamper-acquired both in Spain and in the European Union and our shareholders and, conversely.
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