Sareb has signed an agreement with Värde Partners and Aelca to create a Bank Asset Fund (FAB), to manage and develop part of its residential development project portfolio.
Sareb will place plots of land and some of its works in progress and residential projects that have been put on hold and are awaiting development through the FAB, which is valued at over €800 million. Värde Partners will hold a 10% minority stake and the assets will be managed by Aelca, a firm fully owned by Värde Partners.
Sareb selected Värde Partners and Aelca from a pool of companies that took part in a competitive bidding process, which complied with the strictest transparency and competition requirements.
On this transaction Sareb has been advised by Garrigues on the legal side and by Colliers as financial advisers, while Värde Partners worked with Clifford Chance and Alantra, respectively.
FABs are a financial instrument specifically designed for Sareb and operated as a joint venture. FABs must be managed by a regulated asset management company and be registered with the National Securities Market Commission (CNMV – Comisión Nacional De Mercado de Valores). They are a product aimed exclusively at institutional investors who are able to list on structured markets.