The Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) and the Generalitat are working on the sale of around 500 homes to increase the social housing stock in the Valencia Region. The acquisition could involve an investment of 50 million euros.
The sale is expected to take place in several phases. The first step will be the formalisation of an acquisition in April of around 335 homes for an amount of 31 million euros and the rest at a later date, as Sareb has detailed in a press release.
At present, the Sareb homes that will in principle form part of this agreement have already been identified and the Generalitat Valenciana is visiting each property to check its condition.
This will be the first sale transaction of this scale to a public administration, according to Sareb, which hopes that this agreement can be extended to other autonomous communities in order to «continue applying the principle of sustainability and social utility and, at the same time, make progress in generating income to repay its debt».
To this end, Sareb explained that it is working in coordination with various public administrations to assess their needs and identify the assets that it can make available to them through sale-purchase transactions to increase the public housing stock for social renting.
On the other hand, «it continues to make progress in its management model for vulnerable families currently living in its homes, encouraging their participation in socio-economic support programmes to overcome the situation of exclusion in which they find themselves», he assured.
The Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) is an entity created in November 2012 to «help clean up the Spanish financial sector and, specifically, the successor institutions of the 22 savings banks and their subsidiaries that were subject to resolution processes».
Sareb’s commitment is to proceed with the liquidation of the real estate and loans acquired before November 2027. 50.14% of Sareb’s capital belongs to the State, through the FROB. The rest is in private hands.