1/02/2014 – Expansion
Six international funds and a Spanish real estate: Blackstone, Axa, Orion, Anchorage, Oaktree, AEW and Pontegadea issued a non-bidding offer to acquire 66% of Realia´s capital, belonging to Bankia and FCC. (…).
The investors also started negotiations with Fortress, the principal creditor of the real estate firm since November, when it bought 437 million debt with a 35% discount from Sareb. (…) As so, it is also the key in future viability of Realia, having over a 2 million Euro debt.
By now, Fortress has got no favourite. On the other part, the funds expressed willingess to negotiate the payment forms, like a debt-to-assets swap or sale of some of the property from Realia´s real estate portfolio. (…) The finalists for bidding will have been chosen by the end of February. (…)
Original article: Expansión
Translation: AURA REE