Sareb Said to Seek Companies to Manage $68.8 Billion of AssetsSharon Smyth
Sareb plans to hire three or four companies to manage its 50 billion euros ($68.8 billion) of real estate assets and property loans by September, an official at the Spanish bad bank said.
The Madrid-based bank will ask bidders to submit offers before the summer, said the official, who asked not to be identified because the information is private. Funds that have bought the real estate platforms of banks which didn’t transfer assets to Sareb could be interested in winning the contracts, the official said. A spokesman for Sareb declined to comment.
The government set up Sareb in 2012 to absorb more than 50 billion euros in property from nine lenders including the Bankia group as part of a bailout program after the Spanish property market slumped. Until now, the banks that transferred assets to Sareb to bolster their capital have acted as managers of the real estate. Their contracts are due to run out at the end of the year.