• Spain Sánchez announces that it will put 50,000 homes of the Sareb for rent at "affordable prices"
  • Housing Sánchez's plan excludes quality housing in the hands of Sareb: Where do the promised 50,000 houses come from?

Sareb is a company that was part of the scheme proposed by the State and the European authorities to recapitalize the financial institutions most affected by the 2008 financial crisis.

At the end of 2012, the so-called "bad bank", bought from the rescued banks almost 200,000 problematic assets – loans to developers and real estate – for which it paid 50,781 million euros.

The company obtained this money by issuing senior debt guaranteed by the State and allocated almost 78% of these funds, 39,438 million euros, to buy loans from developers and the remaining 22%, 11,343 million, to the acquisition of 107,446 properties of all kinds.

Until 2022, it reduced that volume by 48%, to 24,316 million thanks to the sale of real estate, the completion of promotions, the construction of new ones and the signing of collaboration agreements with the administrations for the transfer and sale of social housing.

At present, it has more than 46,500 flats that it acquired from entities with problems in the Mediterranean arc.

Public audience since 2021

Sareb was born with private capital, since it had among its main shareholders the banks that were not rescued, with the exception of BBVA, but the majority participation was always the State, which last year decided to take control of the company.

The company has 15 years, until 2027, to divest all acquired assets.

The options of the Executive

Since 2013, Sareb has developed an affordable rental policy to serve vulnerable groups and had reserved a bag of 15,000 homes for social purposes in collaboration with the public administration. In addition, he planned to regularize the situation of 10,000 families living in his flats.

However, after the takeover of the company by the State, the Government has decided to carry out an exhaustive analysis of Sareb's real estate portfolio and has announced its objective of making the company key to adding 50,000 social housing.

The soils are distributed by 13 autonomous communities. Catalonia, Valencia, Castilla y León and Extremadura concentrate most of them.

More than 46,500 apartments today

Almost all of Sareb's residential properties are sold to individuals on the retail market through marketing companies. In addition, Sareb has 29,619 plots, although not all of them are developable, and 13,192 tertiary properties, such as industrial buildings.

To make the most of the potential of the properties, Sareb resumed half-built developments and even started new ones on land it had in its portfolio, with the objective, in the medium term, of selling them and obtaining greater profitability.

In fact, for this purpose, in 2019 the company itself created the developer Árqura Homes, after an alliance with the fund Värde Partners, and with the aim of investing 2,238 million until 2027 to build developments in almost all Spanish regions.

On the other hand, Sareb has projected a total of 17,095 new homes that it sells through Aelca.

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