Sareb has awarded a management contract to Haya Real Estate for part of its rental property portfolio, following a competitive tendering process in which participants included five of the top servicers in the market.
The contract will have a two-year term and will involve the sale and property management of a range of residential and commercial properties across Spain. The portfolio comprises a total of 3,300 properties including 1,800 homes, as well as parking spaces, storage units and retail units.
Reassigning this service under a new contract forms part of the company’s new management model, which aims to boost efficiency by hiring specialist servicers for specific services, such as rental properties.
In terms of location, 40% of the properties that will be managed by Haya Real Estate under this new management framework are located in the Region of Valencia, with the remaining 60% divided between the Region of Madrid, Castilla y León and Castilla-La Mancha (24%), Andalusia and the Canary Islands (16%), Aragón, Catalonia and the Balearic Islands (14%) and regions in the northwest of Spain (the remaining 6%).
In October, Sareb also selected Haya Real Estate to manage the sale of a portfolio of loans and properties valued at €8,400 million (net book value), under its new management model.