The nature of Sareb is different to that of other companies. We work with bank assets, but we are not a bank. And we have a public mission: to help strengthen the Spanish economy. To ensure that there are no doubts regarding our work or our mission, in this section we have put together the most frequently asked questions.
What is Sareb?
Sareb is the acronym of Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria, S.A. We were established in 2012, in the midst of the real estate crisis, as a result of the agreement between the Spanish and European authorities to create a company responsible for selling and managing the loans and properties of the rescued financial entities. When we were created, our portfolio was made up of developer loans (77.7%) and properties (22.3%), which we purchased from these entities for the sum of €50,781 million.
What does Sareb do?
Sareb is a company that forms part of the plan set out by the Spanish State and the European institutions to recapitalise the banks and savings banks most affected by the financial crisis. We are not a bank, but we do manage the loans and properties in our portfolio in order to maximise their value before selling them.
What assets did Sareb acquire?
In 2012 and 2013, we received almost 200,000 assets from 9 financial entities (banks and savings banks) valued at €50,781 million. €39,438 million, 77.7%, were financial assets (credits and developer loans ); the other part, €11,343 million, 22.3%, were real estate assets (houses, land, buildings, offices, commercial units, etc.).
Do we have private mortgages at Sareb?
We do not have private mortgages. The mortgages in our portfolio are company loans and developer loans exceeding €250,000.
Which banks and savings banks are Sareb’s assets from?
In the Memorandum of Understanding (MoU) set out by the Spanish State and the European institutions in July of 2012, it was established that financial entities needed capital. On 31 December of that year, Sareb incorporated the assets from BFA-Bankia, Catalunya Banc, Banco de Valencia, Novagalicia Banco and Banco Gallego into its portfolio, entities that had been intervened by the FROB (Fund for Orderly Bank Restructuring). And in February 2013, the assets from BMN, Liberbank, Caja3 and CEISS were incorporated. In total, we have assets from 9 financial entities.
How much did Sareb pay for the bank assets?
The net value of the approximately 200,000 assets that we incorporated into our portfolio in 2012 and 2013 was around €107,000 million. We purchased them from the rescued entities for a price fixed by the Bank of Spain at €50,7891 million, after applying an approximate discount of 50% of their value.
Why is Sareb referred to as the “bad bank”?
In other countries there are also companies that sell troubled assets from banks and which are known as bad banks. That is why the term is applied in Spanish to Sareb, as it follows the model of other international organisations that manage so-called “toxic assets”. Despite being given this name, we are not even a bank, we are just a company that manages assets from financial entities.
Is Sareb a bank?
No, Sareb is not a bank. We are just an asset management company, completely independent from the bank. We do not have a bank record, we do not grant mortgages and we do not carry out any functions inherent to a bank. What relates us to banks is that in 2012 and 2013, we purchased the more complicated assets from financial entities that had liquidity problems, as part of the joint strategy of the Spanish State and the European institutions. Our role is to sell these assets within a limited frame time.
I want to purchase an apartment, how do I contact Sareb?
We sell to private customers through third parties. We sell our properties through our real estate asset management companies, Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia. If you are looking for an apartment, you can view our catalogue on this website or through our real estate asset management companies’ websites If you have any questions, you can contact our customer service freephone: Sareb Responde (+34 900 115 500).
How can I contact Sareb’s asset managers?
I am a Sareb tenant and I need to get in contact
Sareb’s property rentals are managed by the real estate asset management companies Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia. If you would like to contact us, we would be delighted to resolve any queries you may have via the Sareb Responde freephone (+34 900 115 500).
I need to access Sareb’s social housing or rentals, what should I do?
We have reserved 10,000 houses to be used as part of public social housing policies. If you would like to access any of these properties, please contact your Town Council or their social services. They are responsible for directly managing the entire social housing catalogue. You can view the list of autonomous regions and town councils with whom we have agreements on this page.
How do I know if a property is a Sareb property?
The list of properties on our website includes all the properties we have in each municipality. Although some properties may be in the adjudication process or may no longer belong to us. To verify who the owner is, you can always access the Property Registry and request a real estate information sheet, which is the document containing the most recent information.