Sareb completes its third capital increase with the entry of two new investors

Sareb now has two new investors whose contributions, together with those made by the current shareholders, will bring the company’s share capital up to a total of 1.2 billion euros.

Iberdrola joins Sareb’s shareholders with a contribution of 2.5 million euros, and Banco Caminos enters with an investment of 0.8 million euros.

These two companies will complete their participation in the company by taking on subordinated debt in the last week of February. Also participating in this debt subscription, alongside the current investors, will be the Santa Lucia, Generali, Reale and Zurich insurance companies.

Sareb’s third capital increase and its new issuance of subordinated debt will place the company’s equity at 4.8 billion euros, which is sufficient to take on all the real estate assets from the Group 1 and Group 2 contributing banks.

In line with the commitments established in the past, payment of the third capital increase has been distributed between the partners, as shown in the following table:

Altogether, Sareb’s private partners will make a joint contribution of 2.6076 billion euros and the FROB will provide 2.1924 billion. This means the company will be comprised of 55% private capital and 45% public capital. Sareb therefore meets its objective of having a majority private shareholding and a large presence of foreign investors. The company’s shareholders also include the main Spanish financial and insurance entities, as well as some important international players, all of which give it strength and stability for the project to be undertaken.

Group 2 Assets

With this third capital increase, Sareb will be in the position to receive the assets to be transferred by Group 2 (Liberbank, CEISS, Caja 3 and BMN), and this transfer will take place on 28 February. These assets are valued at a total of 15 billion euros.

The company, which has already begun to divest real estate assets transferred by Group 1, will then include the new assets transferred by Group 2 in to this divestment process, based on the same strategy of maximising its profits for its shareholders and covering all the available sales channels.