The U.S. investment fund plays hard, quietly and has got fresh equity in the pocket. Kennedy Wilson explores options of acquiring a part of Eurohypo´s €4.5 billion portfolio consisting of loans linked to Spanish property.
Although the branch of Commerzbank rejected offers for slices of the asset block, the sector suspects that it may actually sell the lot in pieces of non-performing, subperforming and performing loans.
By now, only bidders who submitted offers for the entire cluster have been considered favourites, like the alliances of Lone Star-JP Morgan and Blackstone-Deutsche Bank. Next, there stood the Apollo-Santander-Merrill Lynch and Cerberus-Goldman Sachs teams.
However, there is no basis for assuming that these candidates are irreplacable as each ally vies for different part of the “Octopus“. Eurohypo has got a full right to amend legal conditions of the sale and wants to obtain the best prices for its assets.
Kennedy Wilson together with Värde Partners bought 51% of Banco Popular´s real estate servicer, Aliseda, for over €400 million. Then, the fund also bidded for Catalunya Banc´s platform but was defeated by Blackstone. Kennedy Wilson has recently listed its real estate vehicle and raised over €1 billion which will be intended for purchases in the United Kingdom, Ireland and Spain.
Original article: El Confidencial (by Carlos Hernanz)
Translation: AURA REE