How we spend our money
Our main costs are related to the bonds that we issued to acquire assets from the banks during the financial crisis. A significant part of the company’s revenue is used to gradually cancel this debt. Until 2019, we have cancelled €15.676 million, almost 32% of the debt issued.
The company also has to pay certain financial costs, including the interest on senior debt that was issued to acquire the assets from banks that were bailed out by the State. In seven years, we invested over €5.300 million in repaying the financial costs. By meeting this financial burden, the company also avoids activating the State guarantee.
The general running of the company also generates certain costs, such as the commission paid to its servicers for managing, selling and leasing the portfolio: Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia.
As well as maintenance, repair and security costs for the properties, there are also other associated costs such as taxes and property owner association contributions.
The company’s personnel must also not be forgotten: a multi-disciplinary team of professionals responsible for divesting over 121,000 properties and more than 63,500 loans in 15 years.