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Transaction / Assets Seller Buyer € MM
Lone Star & JPMorgan Acquire Octopus of Eurohypo For €3.5 Bn
20/05/2014 – Expansion
The sale of the large loan portfolio of Eurohypo raised the real estate fever of investors to the limits. Yesterday, the German giant Commerzbank announced coming to a pre-agreement with Lone Star and JPMorgan on transfer of the credits for €3.5 billion.
At the auction, the winners outbid the offer submitted by the Blackstone and Deutsche Bank consortium. Lone Star and JPMorgan bought the “Octopus” portfolio with a 25% discount on its nominal value (€4.5 billion).
It is worth to remind that the loan package contains such precious collateral property as the Ritz or the Gran Meliá Fénix hotels, the Zielo de Pozuelo or the La Vaguada shopping centers in Madrid and the MN4 in Valencia, as well as debt of large real estate managers like Bami, Inmobiliaria Chamartín, Testa or Realia.
Original article: Expansión (by Jorge Zuloaga)
Translation: AURA REE