Sareb is accelerating the sale of non-strategic assets. It is currently looking to sell two portfolios of non-performing loans valued at 500 million euros to international funds. According to El Confidencial, these two portfolios are backed by land and hotels, respectively.
The loans’ original value was 1.5 billion euros, but their valuation has been reduced to a third. These assets are not strategic for the ‘bad bank’, so they are looking for a way out.
The first portfolio, which Sareb has mandated CBRE to sell, has land as collateral, along with some housing and storage. It is larger than its counterpart, valued at €300 million. That is down from the original valuation of one billion euros.
