2024-02-02 18:35:39
Friday, February 2, 2024, 7:35 p.m.
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More than a decade after its creation, Sareb is accelerating its objective of lightening the portfolio of toxic assets from savings banks, which began with more than 50,000 million euros and is currently still around 25,000 million euros. All avenues of work are open, especially in the bad bank’s land segment, many of them located in locations that are tremendously complicated to promote or transfer.
In fact, and according to public data corresponding to the first half of 2023, the company’s land sales were lower in terms of income compared to those of the first half of 2022, with a lower impact in terms of units. In total, 1,226 units were registered (7.6% less than in the first half of 2022).
«The land market is very inelastic and it makes no sense to force sales to third parties based on large discounts. Within Sareb’s divestment mandate, enriched with the principle of social utility, it fits better for the town councils to keep these lands and dedicate them to social purposes of all kinds,” company sources indicate. “As long as the buyer is a public Administration, Sareb is willing to be flexible with the prices of this perimeter of land,” they add.
With the horizon set for 2027, the date by which it should have sold all its assets, the company already launched the Vienna Project in autumn 2022 for the construction of affordable rental housing promoted by private initiative. Now, more than 520 Spanish town councils have also begun to be contacted, with the idea that they acquire 4,770 land with discounts that in some cases can reach 40%.
They propose a specific management plan to all of them with alternatives studied for public use, from the construction of accommodation for vulnerable families – in those areas where legislation allows it – to public facilities – such as health centers, parking lots, green areas, etc, among others.
«As long as the buyer is a public administration, Sareb is willing to be flexible with the prices of this perimeter of land»
According to the data provided, the land selected by Sareb for this use is distributed in municipalities of 16 autonomous communities, with the Valencian Community being where the largest number of assets are located, with 1,183 land distributed between the regions of Alicante, Castellón and Valencia. The figure represents 24.7% of the total.
Castilla y León, with 904 selected lands, is the second community with the largest number of selected surfaces, which expand throughout the region, from Ávila (in towns such as El Tiemblo or Piedrahíta) to León, passing through Salamanca.
In Andalusia, with 761, the weight of the soils selected in regions of Almería such as Terque, Níjar or Tabernas, or Granada, such as Vegas del Genil or Atarfe, stands out.
Castilla La Mancha follows in the ranking, with 652 selected soils, in which a greater number have been detected in areas of Toledo such as Los Yébenes, Torrijos. And in Galicia, opportunities for disinvestment in this way have also been detected in the four provinces and in municipalities throughout the area, from Arteixo in A Coruña to Lalín in Pontevedra.
All of these town councils will have the final say when deciding whether or not to accept Sareb’s proposal. But society trusts that its plans, shared with the councils, will end up providing an outlet for this portfolio, which in principle is designed for projects of public interest.
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