About

Sareb is a government-owned financial entity with a well-established position within the Spanish financial system. It has recently been involved in the transformation of most of its balance of nonperforming loans into immovable property through the initiation and continuation of foreclosure and bankruptcy proceedings aimed to maximise the liquidation of its assets and the repayment of the debt. The legal affairs department is composed of the directorate of legal affairs and secretariat of the board, Marisa García Camarero who oversees the following departments: the corporate legal department, the transaction and assets management legal department, the dispute resolution and debt recovery legal department, the disencumbering of assets and operations liaison legal department and the business advisory legal department. ‘García and her legal team at Sareb is one of the best legal teams I have ever met. They are very conscious in their work, with a deep understanding of legal and tax issues related to real estate and bank sectors; and are perfectly led by her’, says a nominator. Since the inception of the legal team in 2012, adaptation to a rapidly evolving industry has been a key trait of the legal department. ‘Change is part of our DNA because transformation is deeply ingrained in the company and an essential tool to fulfil our mandate to orderly liquidate all assets assigned to Sareb, while preserving their value and mitigating potential risks’, says García. For several months until November 2017, the corporate legal department and the transaction and assets management legal department jointly advised on the incorporation of Témpore, a real estate investment trust (REIT). Moreover, the corporate legal department assisted with Témpore’s admission to the alternative stock market, finalised in April 2018. With 2,249 residential assets for rent worth around €175m and a market capitalisation of around €286m, Tempore ranks third among all Spanish REITs by housing portfolio.