Sareb to complete 130 developments this year

Sareb has announced plans to complete 130 developments by the end of 2014.

Spain's "bad bank" has approximately 650 developments in its portfolio, according to Kyero, and plans to invest 100 million euros in the coming months to ensure that 130 ongoing projects will be finished. Five companies have been selected to manage the development, which are predominantly based on the Mediterranean Coast: Catalonia is home to 40 projects, followed by Valencia (21). Barcelona will also see construction work, with more than 400 homes to be completed.

One-fifth of Sareb's projects came from nationalised banks, while all of them were at least 80 per cent completed before work was suspended.