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npl-reo Market News: Spanish Real Estate Intelligence

Cerberus and BBVA Hire Konstantin Sajonia-Coburgo to Head Up Divarian

Cerberus and BBVA Hire Konstantin Sajonia-Coburgo to Head Up Divarian
16 August 2019 The US fund Cerberus and BBVA have hired Konstantin Saxony-Coburg to head up Divarian, the company that they created after Cerberus acquired the bank’s real estate assets. Saxony-Coburg left his position as co-head of investment banking at Barclays Spain last year, where he had worked since 2010. Divarian, owned 80% by Cerberus and 20% by BBVA, has €13 billion in assets in its portfolio. The North American fund and BBVA opted to merge Divarian with the US firm’s servicer, Haya Real Estate, this year. Haya is responsible for managing and selling all Cerberus’s real estate holdings in Spain, except for its land bank, which is managed by Inmoglaciar. Original Story: El Confidencial - Jorge Zuloaga Photo: Cordon Press Adaptation/Translation: Richard D. K. Turner
 
Spain’s Banks Continue to Suffer from High Levels of Exposure to Non-Performing Real Estate Assets

Spain’s Banks Continue to Suffer from High Levels of Exposure to Non-Performing Real Estate Assets
13 August 2019 Spain’s largest financial institutions still have more than 37 billion euros worth of non-performing real estate assets on their books, not counting non-performing loans, even after a series of major disinvestments over the past two years. The bank with the most significant exposure, Santander, sold €30 billion in assets to Blackstone; while BBVA sold another €13 billion to Cerberus. CaixaBank unloaded a €12.8 billion portfolio to Lone Star as Banc Sabadell sold assets totalling €10.1 billion to Cerberus and Oaktree. EU banking regulators are pressuring the banks to quickly reduce their exposure even further, setting a high bar for the expected pace of disinvestment over the coming years. Santander still has €10.132 billion in foreclosed assets, over 16% more than the bank with the second-highest exposure: Sabadell (€8.732 billion). Santander’s exposure to land is especially high, with a portfolio with a gross value of €4.37 billion. Thus, the bank recently created a company to prepare the portfolio for an eventual sale. The new company, Landmark Iberia, has 400,000 square meters of developable land for sale. Original Story: El Confidencial - Jorge Zuloaga Adaptation/Translation: Richard D. K. Turner
 
Banco Sabadell Sells Solvia Desarrollos Inmobiliarios to Oaktree for €882 Million

Banco Sabadell Sells Solvia Desarrollos Inmobiliarios to Oaktree for €882 Million
5 August 2019 Banco Sabadell has agreed to sell its developer, Solvia Desarrollos Inmobiliarios (Sdin), to the US-fund Oaktree. The sale, which includes a significant stock of land holdings, closed for 882 million euros and will generate an accounting gain of 23 million euros. Sabadell split Sdin Residencial from the larger Solvia Real Estate before its sale to the Swedish group Intrum. With this deal, Sabadell has practically eliminated toxic assets from its balance sheet, selling more than €12.5 billion in non-performing assets over the last year. Thanks to the sales, Sabadell will now have a Tier 1 Common Capital Ratio of 11.6%, up from 11.2% in June. The bank hopes to reach 12% in 2020. Original Story: Expansión - Sergi Saborit Adaptation/Translation: Richard D. K. Turner
 
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