Sareb has decided to suspend its housing sales activities for the next few weeks in view of the future transfer of its assets to the new public housing company to be created on the basis of the existing Entidad Pública Empresarial de Suelo (Sepes). According to El Economista, this decision will have a clear impact on the administrators Hipoges and Anticipa/Aliseda, who are in charge of selling these assets, which form part of the portfolio of the so-called bad bank, and whose mandate ends in August.

According to the newspaper, in the next few days Sareb’s board of directors will meet and a shareholders’ meeting will be convened to approve the cessation of commercial activity in the residential sector and to begin a period of analysis to define the scope of the assets to be transferred to the new public entity.

However, it seems that not all of the housing portfolios will be transferred, as initially announced, as it will be studied which properties make sense for social rental use, as the public company will give them.

Although most of Sareb’s portfolio is perfectly suitable for conversion to social rental housing, ‘there are specific developments or unique assets that, because of their location or nature, would not make sense to transfer to the new entity’, the sector explains.

Sareb itself must have a minimum level of income to keep its machinery running, not only for its own survival but also to be able to provide the new public entity with more housing. However, it is not clear to anyone that this slowdown in sales will have an impact on the business of the service providers responsible for this mission.

In 2022, the award of management and marketing services will swell the portfolio of properties and loans to around 25.3 billion euros.

Original Story: El Economista | Author: Alba Brualla
Edition and translation: Prime Yield