• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Sareb Sells Land to Castlelake For €80 Mn

Belen Romana, chairwoman of Sareb has announced the first larger sale of land portfolio worth of €80 million. The bad bank has not revealed neither profits nor losses proceeding from the transaction.
The portfolio contains 17 developable plots which are found in Madrid, Barcelona, Alicante and the Balearic Islands. The portfolio in fact is a part of the huge €322 million “Crossover Project” put up for sale by Sareb in October last year.
After the success in land sale, specialists of Sareb will try to sell the rest of Crossover and launch next portfolio, the “Crossover 2” in the next few weeks. This asset lot will constist of poorer quality units and some collateral plots. Its value is estimated at over €600 million.
The chairwoman pointed out the sale proves “positive vibes” felt on the Spanish real estate market which sees prices “stabilizing” every day. She has also assured that the moment is perfect to invest in Spanish property.
Castlelake has been known as TPG Credit Management by 2013 and has recently hired a Spanish expert to grow in the country.
Moreover, by the end of April, Spain´s bad bank sold over 5.000 properties. The number gives striking 43 units marketed daily.
Original article: RTVE
Translation: AURA REE

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Translation/Summary: aura