Spain’s “Bad Bank” or SAREB (sociedad de gestión de activos procedentes de la reestructuración bancaria) is selling some of its properties at prices which are higher than they were before these same properties were passed on to this nationalised entity.
Investors looking out for bargains have been disappointed to find that prices have not gone down significantly and, in many cases, have even gone up. Often, the price advertised is the one the property fetched in 2008.
A SAREB’s spokesman said that the entity is looking to get the highest price possible for its assets.
Link to article in Spanish:
Reyal Urbis, one of Spain’s biggest developers, has filed for bankrupcy, with a €3,600 M debt (representing Spain’s second biggest bankrupcy ever).
It will leave the so-called “Bad Bank”, known as Sareb, with a hole of €350 M.
Its desperate situation has lead the giant building firm to put on the market as discounted prices some of its main assets (the top 20 are valued collectively at approx. €600 M). These include the ABC Serrano commercial complex, which comprises three emblematic buidlings dating from 1896, 1926 y 1932, located in one of the most exclusive streets in Madrid’s centre.
Another extremely attractive investment opportunity is the 8,500m2 shopping centre known as Castellana 200, due to open its doors this April.
Links to Spanish articles: