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npl-reo Market News: Spanish Real Estate Intelligence

Santander Studying €12-Billion Sale of NPAs
20 August 2019 Banco Santander is considering a potential sale of a €12-billion portfolio of real estate loans by the end of the summer. The bank is looking to improve its capital ratios in Spain, which are still weighed upon by assets the bank took over from Banco Popular, in spite of a €30 billion sale of assets to Blackstone in 2017, Project Quasar.  On Tuesday, the bank reported that its NPL ratio stood at 7%, above rival banks such as BBVA Spain (-4.9%) and CaixaBank (-4.6%). Original Story: El Confidencial - Jorge Zuloaga Adaptation/Translation: Richard D. K. Turner
 
Cerberus and BBVA Hire Konstantin Sajonia-Coburgo to Head Up Divarian
16 August 2019 The US fund Cerberus and BBVA have hired Konstantin Saxony-Coburg to head up Divarian, the company that they created after Cerberus acquired the bank’s real estate assets. Saxony-Coburg left his position as co-head of investment banking at Barclays Spain last year, where he had worked since 2010. Divarian, owned 80% by Cerberus and 20% by BBVA, has €13 billion in assets in its portfolio. The North American fund and BBVA opted to merge Divarian with the US firm’s servicer, Haya Real Estate, this year. Haya is responsible for managing and selling all Cerberus’s real estate holdings in Spain, except for its land bank, which is managed by Inmoglaciar. Original Story: El Confidencial - Jorge Zuloaga Photo: Cordon Press Adaptation/Translation: Richard D. K. Turner