Cerberus Teams up with Kronos to Bid For Banco Sabadell’s Land Portfolio

19 June 2019 – Eje Prime

Cerberus and Kronos are joining forces in an attempt to acquire Banco Sabadell’s land. They are holding negotiations regarding how they would divide the plots, which are worth around €850 million in total, in the event that the US fund emerges victorious from the bid to acquire Sdin Residencial’s land portfolio.

In theory, Cerberus would hold onto the land that is ready for development as well as those plots already under construction (64% of the total). Meanwhile, Kronos would take ownership of the rest, including the reparcelled and sectorised plots, for which urban planning permission has been granted.

Original story: Eje Prime

Translation/Summary: Carmel Drake

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