Sareb divests Teide portfolio
Sareb has entered into a transaction regarding the Teide portfolio.
This portfolio, valued at €146 million, comprises more than one thousand residential homes located in Madrid, Andalusia, Castilla-León, Catalonia and Galicia, as well as developments under construction and plots of land.
The transaction will be carried out via a Bank Asset Fund (FAB), a type of vehicle that allows Sareb to participate through its minority stake in any future uplift in value when these properties are sold.
The new FAB has already been registered with the National Securities Market Commission (CNMV – Comisión Nacional del Mercado de Valores). According to the terms and conditions of the agreement, the properties in the hands of the FAB will be managed by the property developer and manager Grupo Lar, which also has a minority interest in the FAB.
Bank Asset Funds (FAB)
FAB’s are financial vehicles devised exclusively for Sareb and are aimed at institutional investors. FAB’s provide an efficient investment structure for investors and must be managed by a regulated asset management company.