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BAMC celebrates successful year for real estate management

Ljubljana, 22 March 2017 – The Bank Assets Management Company (BAMC) closed the year 2016 with good results in real estate management. It sold 166 of its directly-owned items of real estate in 2016, amounting to almost 18 million EUR, plus more than 89 million EUR from selling its real estate-backed claims.

The 18 million EUR figure does not include Celovški dvori and Nokturno sales, which BAMC started in 2016. In 2016, BAMC signed contracts for 16 more directly-owned properties in the amount of almost 10 million EUR, while the funds for the purchase will be remitted, and the sale recognized, in 2017.

BAMC real estate management operations include two key categories: directly-owned real estate and real estate pledged as collateral. Directly-owned real estate involves mainly real estate which BAMC took over in bankruptcy proceedings, to prevent its value slipping under the internally estimated value, causing lower recovery value for the owner and taxpayers. BAMC actively manages all real estate items taken over, particularly by taking steps to increase property value and improve the sale potential.

In the segment of directly-owned real estate in 2016, most sales involved residential units, of which BAMC sold 61. BAMC also sold another 20 land plot units, 6 industrial units, 10 commercial units, 19 tourist units, 9 shop premises and 41 units from the Miscellaneous category.

BAMC entered 2017 with very encouraging results in real estate management, as well. So far, BAMC has already received approximately 13 million EUR from the sales of 98 apartments and houses alone. This figure will continue to rise, as the sale of apartments and commercial premises in the Nokturno complex has been continuing since February and over the first month of the BAMC has signed contracts for 25 apartments. In April, the final stage of the Celovški dvori apartments sale will begin, where 117 apartments and 23 commercial premises will be offered for sale.