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npl-reo Market News: Spanish Real Estate Intelligence

BBVA Looks for Buyer to Acquire Up to €1.3 Billion in Toxic Real Estate Assets
14 October 2019 BBVA is looking to sell off up to a third of its approximately €1.3-billion portfolio of non-performing real estate assets. The Spanish bank acquired many of the assets during Spain’s financial and real estate crisis when BBVA bought up several of the country’s failing savings banks. The bank is looking to rid itself of the €3.6 billion in foreclosed assets and €1.345 billion in shares of real estate companies, in addition to unpaid loans from SMEs and individuals valued at about €5 billion. Some of the groups potentially interested in acquiring the assets include Cerberus, which already bought BBVA’s real estate business in 2018, Apollo, Blackstone, Bain Capital and Lone Star. The sale, which consists of residential, commercial and land assets is still in its initial phase. However, the bank is looking to complete any sale before the end of the year. Original Story: Business Insider - Adrián Francisco Varela Adaptation/Translation: Richard D. K. Turner
 
Copernicus Hires Ex-Altamira CEO Andrés Cerdán
21 September 2019 – Andrés Cerdán, who was previously the CEO of Altamira Asset Management, has joined Copernicus as CEO, according to market sources. Cerdán had led Altamira since 2010 but decided to decamp after the firm was acquired by DoBank, a European firm controlled by Fortress, for about €360 million. Copernicus, founded in 2013 by José Nestola, manages about €9 billion in NPLs and real estate assets for banks. Original Story: El Confidencial - Agustín Marco Adaptation/Translation: Richard D. K. Turner
 
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