Sareb sells almost 4,800 properties in Q1 18
According to the company’s preliminary data, Sareb sold 4,782 properties in Q1 2018, of which 2,358 were owned by Sareb and 2,424 corresponded to properties securing developer loans transferred to the bank. This is 12% up on 2017, when the company also booked a record number of sales.
Homes and ancillary properties accounted for 88% of all the properties sold in the first quarter, plots of land for 7% and commercial properties for the remaining 5%.
Today, the company has published its 2017 Annual Business Report at www.sareb.es, where it details all the work carried out last year. According to the report Andalusia, the Region of Valencia, Catalonia and the Region of Madrid accounted for 60% of the company’s business last year. The sharpest growth in sales was seen in La Rioja (159%), Cantabria (110%), the Basque Country (105%) and Navarre (74%).
This year, for the first time, Sareb’s Annual Business Report has been officially recognised by the Global Reporting Initiative (GRI), which recognises reports that comply with its economic, social and environmental standards. This reporting standard represents the benchmark for companies in terms of informing stakeholders and the public about their sustainability performance.
Sareb’s activity during the past year allowed it to reduce its portfolio to €37,179 million, which equates to almost a 27% reduction on the portfolio transferred to it when the company was first founded. Also, last year, the company repaid €3,050 million of debt, meaning that during its first five years of operation, it has reduced its debt by 25.4%.
New Board Member
Sareb’s Board of Directors has proposed that Juan Ignacio Ruiz de Alda be appointed the new Sareb board member in representation of the Fund for the Orderly Restructuring of the Banking Sector (FROB), thereby replacing Lucía Calvo who left the position in January. The appointment will be ratified at the next Annual General Shareholder Meeting. Ruiz de Alda will strengthen the company’s management thanks to his more than 30 years’ of tried and tested experience in the real estate sector, working on numerous development, refurbishment and sales projects. The new board member held several positions in the Santander Group before joining Metrovacesa, where he was a member of the Board of Directors until January 2018.