Controlling toxic property following Spain’s financial crisis

Thousands of properties still with Sareb Credit: Shutterstock

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.

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



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