Post by zimijuthijannat on Mar 6, 2024 6:17:19 GMT -5
Santander and Caixabank in July for foreign investment funds The 'bad bank' rethinks its strategy after selling only 500 apartments in three months. A large placement of homes to foreign investment funds is finalized in July at lower prices than Santander and Caixabank. It thus yields to the claim of the real estate sector that was not willing to pay the high prices it demanded for its assets. The Government's plan to launch an offer of 'bargain apartments' is delayed. The 'bad bank' will wait for Santander, La Caixa and Sabadell to sell their 'stock' of homes to apply discounts of 80% Economy is going to give a touch to Belén Romana, president of the 'bad bank', so that she does not earn a salary of 30,000 euros per month As El Confidencial Digital has learned from financial sources familiar with the process, the team chaired by Belén Romana is finalizing its first major sale to wholesale buyers: a package of properties located mainly in Andalusia and Valencia, worth 200 million euros .
An operation in which KPMG is intermediating and which involves, among others, the Apollo Global Management funds, of Leon Black, or Colony Capital, of Thomas Barrack Jr. and the millionaire Wilbur Ross. Healthy banking gives in to lowering prices As stated in this confidential report, healthy banking initially sought to reach a price agreement with Sareb to avoid damaging the outflow of real estate assets Middle East Mobile Number List from solvent entities, and also shareholders of the institution (Santander, La Caixa, Bankinter...), which was developing at a good pace. Now, the banks are willing to give more margin to Sareb, allowing it to apply more aggressive discounts , so that the organization can get rid of the enormous stock it accumulates of assets transferred by nationalized entities . Homes cheaper than banks Until now, the 'bad bank' maintains a price 20% above that set by entities such as Santander and Caixabank for similar assets.
According to the sources consulted, the change occurs after it was confirmed that the policy that had been applied until now has been a resounding failure, since only 500 homes have been sold in three months. Large investors in the real estate sector consider that the 'bad bank' is asking excessive prices for the best part of its assets, which is delaying a rapid activation of sales operations. exp-player-logo Grifols plummets almost 13% and its shares mark opening the lowest price since 2012 Not having to contribute more capital Sources familiar with the process to which ECD has had access explain that this slow pace of sales could lead the 'bad bank' to losses this year. What we want to avoid at all costs is that Sareb has to ask for more capital from shareholders next year, since it would seem difficult to convince them again to make a spill .
An operation in which KPMG is intermediating and which involves, among others, the Apollo Global Management funds, of Leon Black, or Colony Capital, of Thomas Barrack Jr. and the millionaire Wilbur Ross. Healthy banking gives in to lowering prices As stated in this confidential report, healthy banking initially sought to reach a price agreement with Sareb to avoid damaging the outflow of real estate assets Middle East Mobile Number List from solvent entities, and also shareholders of the institution (Santander, La Caixa, Bankinter...), which was developing at a good pace. Now, the banks are willing to give more margin to Sareb, allowing it to apply more aggressive discounts , so that the organization can get rid of the enormous stock it accumulates of assets transferred by nationalized entities . Homes cheaper than banks Until now, the 'bad bank' maintains a price 20% above that set by entities such as Santander and Caixabank for similar assets.
According to the sources consulted, the change occurs after it was confirmed that the policy that had been applied until now has been a resounding failure, since only 500 homes have been sold in three months. Large investors in the real estate sector consider that the 'bad bank' is asking excessive prices for the best part of its assets, which is delaying a rapid activation of sales operations. exp-player-logo Grifols plummets almost 13% and its shares mark opening the lowest price since 2012 Not having to contribute more capital Sources familiar with the process to which ECD has had access explain that this slow pace of sales could lead the 'bad bank' to losses this year. What we want to avoid at all costs is that Sareb has to ask for more capital from shareholders next year, since it would seem difficult to convince them again to make a spill .