Sareb is a company that formed part of the scheme proposed by the State and the European authorities to recapitalize the financial institutions most affected by the 2008 financial crisis.
At the end of 2012, the one also known as the “bad bank” bought almost 200,000 problematic assets from the rescued banks – loans to developers and real estate – for which it paid 50,781 million euros.
The company obtained this money by issuing senior debt guaranteed by the State and allocated almost 78% of these funds, 39,438 million euros, to buy loans from developers and the remaining 22%, 11,343 million, to the acquisition of 107,446 properties of all kinds. .
Until 2022, this volume was reduced by 48%, up to 24,316 million thanks to the sale of real estate, the completion of promotions, the construction of new ones and the signing of collaboration agreements with the administrations for the assignment and sale of social housing.
Currently, it has more than 46,500 apartments that it acquired from entities with problems in the Mediterranean arc.
Sareb was born with private capital, since it had among its main shareholders the banks that were not rescued, with the exception of BBVA, but the majority participation was always from the State, which last year decided to take control of the company.
The company has 15 years, until 2027, to dispose of all the acquired assets.
Since 2013, Sareb has been developing an affordable rental policy to serve vulnerable groups and had reserved a pool of 15,000 homes for social purposes in collaboration with the public administration. In addition, it planned to regularize the situation of 10,000 families that lived in its apartments.
However, following the takeover of the company by the State, the Government has decided to carry out an exhaustive analysis of Sareb’s real estate portfolio and has announced its objective for the company to be key to adding 50,000 social homes.
The lands are distributed by 13 autonomous communities. Catalonia, the Valencian Community, Castilla y León and Extremadura concentrate most of it.
Almost all of Sareb’s residential properties are sold to individuals, in the retail market, through marketing companies. In addition, Sareb has 29,619 plots of land, although not all of them are developable, and 13,192 tertiary properties, such as industrial buildings.
To make the most of the properties’ potential, Sareb resumed half-built developments and even started new ones on land it had in its portfolio, with the medium-term objective of selling it and obtaining higher returns.
In fact, with this purpose, in 2019 the company itself created the developer Árqura Homes, after an alliance with the Värde Partners fund, and with the aim of investing 2,238 million until 2027 to build developments in almost all Spanish regions.
On the other hand, Sareb has projected a total of 17,095 new homes that it sells through Aelca.
According to the criteria of The Trust Project