(Bloomberg) -- Spain’s bad bank plans to sell real estate developer Arqura Homes, one of its biggest holdings with assets valued at around €800 million ($894 million).
The board of Sareb, as the state-controlled asset manager is known, approved the sale this summer and plans to kick it off next month, according to people familiar with the matter. Deloitte is advising on the disposal process, which is expected to take several months and could extend into 2025, the people said, asking not to be named discussing internal plans.
A spokeswoman for Sareb confirmed the sale is expected to start in October. A representative for Deloitte declined to comment.
Sareb was created in 2012 to help Spain’s financial firms to get rid of non-performing assets. It’s controlled by the Spanish state, which holds just over 50% of the capital, with the rest owned by banks and insurance companies. Sareb, which still had assets worth in around €23 billion last year, has committed to selling them by the end of 2027.
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