Soros Barges In the CatalunyaBanc´s NPL Portfolio Bidding

6/06/2014 – Expansion

The sale of soured loans of CatalunyaBanc has been joined by an unexpected bidder: multimillionaire George Soros, who submitted one of the most attractive non-binding offers. The businessman attends the auction together with Värde Partners which bought Aliseda, real estate platform of Popular. 

Soros will compete with four other teamed-up favourites at the bidding: Apollo with Centerbridge, still negotiating with Lone Star, Pimco with Marathon, Oaktree, Deutsche Bank and Finsolutia, Cerberus with Goldman Sachs and Blackstone with TPG.

Offers oscillate around €3 – €3.5 billion. The sudden interruption and appearance of the new serious bidder will raise already aggressive competition for the 100.000 mortgages included in the “Hercules Project“.

The millionaire´s decision stands in oppostition to his statements from two years ago, portending “permanent recession” for Spain and Italy. Moreover, Soros bought stakes in FCC, Bankia, Iberdrola and recently listed Hispania.

 

Original article: Expansión (by Jorge Zuloaga)

Translation: AURA REE

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