Sareb, created in 2012 to manage and sell the problematic assets of Spain’s financial institutions that received public aid, has put a new portfolio on the market called Project Gas. The portfolio comprises real estate loans originally worth 1.262 billion euros. The deadline for presenting non-binding offers for the portfolio is the end of September, as reported by the State-controlled entity, whose intention is to sell the portfolio before the end of the year, according to El Confidencial.
The new portfolio, which is worth 700 million euros, includes unpaid loans that Sareb added to its balance sheet from assets transferred by savings banks when the real estate bubble burst over a decade ago. The offers are expected to apply discounts of between 60% and 70%.
Read the full article in Spanish.
