Spain Recovery Begins With Sareb Suicide Pact’s Bull: Mortgages

Spain’s Sareb, set up last year to acquire 90 billion euros ($116 billion) of soured real estate assets at a discount from rescued lenders, is preparing its first sale, known as ‘Project Bull,’ to test the beleaguered property market’s ability to attract investors.

Sareb has hired KPMG LLP to market a pool of homes located in the south and east of Spain, in Andalusia and Valencia, as well as unfinished buildings, according to four people with knowledge of the auction. Bids are due by July 18 on the real estate, which could be worth about 200 million euros, said the people, who asked not to be named because it’s private.