Controlling toxic property following Spain’s financial crisis

Photo of the all-new BMW M4 CSL. Credit: BMW Group

SAREB which was created to deal with the management of the toxic real estate properties following the Spanish banking crisis has been steadily disposing of assets and bad loans but still lost €878 million last year.

It ran a public tender to find an additional company to manage a number of its rental properties and has revealed that Haya Real Estate, a subsidiary of Cerberus has won a two year renewable contract to manage 3,300 properties on its behalf.

Of these, 1,800 are homes and the balance comprises commercial properties or garages.

 

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Developers Think

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla.

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