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Four Firms Compete for Sareb’s Neo Project Contract

LandCo, Aliseda, Servihabitat and Altamira have reached the final stage of a tender organised by Sareb to outsource the management of a large land portfolio.

Javier Garcia del Rio consejero delegado de Sareb

Last week, the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) announced a change of model after nine years in which it reported successive losses of around one billion per year.

Its original model was based on an exclusive relationship with four large servicers and the development of another open to specialists. Now, one such contract is up for grabs, provoking discomfort in much of the sector.

The Neo Project, a tender organised to subcontract the management of an important portfolio of land, ended a few days ago with four finalists: LandCo, Aliseda, Servihabitat and Altamira, according to El Confidencial.

The competition’s conditions have meant that only ‘servicers’ – except for CBRE – are competing for the new contract. No specialists have entered the running. And for example, others such as JLL, which sold its property management division, have long since given up working with Spain’s so-called bad bank.

Read the full article in Spanish

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