Interested parties are thought to include private equity firms Leon Black’s Apollo Global Management LLC (APO), Thomas Barrack Jr.’s Colony Capital LLC and billionaire Wilbur Ross.
The properties, secured from rescued lenders, are based in Andalucia and Valencia and represent some of the better stock on Sareb’s books as it bids to sell the first segment of the 200,000 plus units it has on its books.
According to Bloomberg, the bank now has assets worth over 50 billion euros which includes 38 completed developments and at least one off-plan project. The stock was bought with average discounts ranging from about 46 percent on loans to as much as 80 percent on land purchases, from eight Spanish banks.
The good news for agents is that most of the initial stock, which is likely to be the most competitive, will not reach the resale market in the short term and the rest of its stock will be release slowly. Sareb has pledged to sell 45,000 properties over the next 5 years and the remainder over the next fifteen.
Source: Global edge
