Sareb's board of directors has selected Domo Group as the dedicated manager for the completion of 205 residential projects totaling € 300 million. Sareb received these projects unfinished and will bring about 5,600 new houses to the retail market. Sareb announced this tender to find a highly specialized manager in this activity, which will make completion processes more flexible and efficient than the shared service model, while at the same time accelerating the pace of completion and increasing supply of new Sareb property.
Completion of works and sale of properties to private individuals will allow the company to obtain the highest possible value of assets, in contrast to the sale of current developments in the institutional and corporate market, where significant discounts are required.
The competition process, where nearly 10 leading companies in the real estate sector were invited, was guided by the principles of transparency, independence and competition. When evaluating the proposals, the technical capabilities, experience and price offered by each of the candidates were contrasted.
Domo Group is one of the most important management companies in the Spanish real estate sector and specializes in the management of third-party projects. With 15 years of experience, it is a leader in the management of property cooperatives and in the delegated management of real estates.
In addition to completing residential projects, the contract with Domo includes the marketing of houses in the private market. According to Beatriz Hernández, director of real estate development at Sareb, “selection of a dedicated manager will improve the efficiency of the completion processes, generate savings for the company and, ultimately, increase the volume of new houses that Sareb offers in the private housing market”.