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Sareb Appoints Domo to Manage 5,600 Homes Under Construction

Domo, the cooperative management company, was awarded the Sareb’s Darwin Project, a portfolio comprising 205 developments and more than 5,600 homes still under construction.

Sareb’s Board of Directors chose the Domo Group to manage the Darwin Project, a portfolio of 5,600 homes yet to be completed. The portfolio consists of 205 residential projects.

The so-called ‘bad bank’ was looking for a manager to complete these homes, which are spread throughout Spain and valued at approximately 300 million euros. However, this figure could soar to €570 million if new assets are incorporated, increasing the portfolio size by another 4,000 flats.

Work has halted on nearly 90% of the developments in the Darwin Project, with construction estimated to be 50% completed. Most of the assets are located in Catalonia (1,167), Valencia (1,142), the Canary Islands (846), Andalusia (587) and Castilla y León (473).

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