npl-reo Market News: Spanish Real Estate Intelligence

Sixteen opportunistic funds had been bidding for the loans at a 90% discount on face value.

The loans have eleven hotels and an office as collateral and are up to date with payments, so any discount on the sale would be small.

The fund has filed for arbitration at the International Chamber of Commerce, in which it will claim back part of the assets purchased from the bank.

It’s Santander’s first sale of the kind since the outbreak of the pandemic. It is planning more.

June was an important month for the sector in Spain, as a series of transactions for hotels and logistics assets were finalised, along with announcements of new developments.

The Catalan bank has commissioned KPMG to sell a portfolio of non-performing mortgages comprising 4,500 properties valued at 576 million euros.

The bank is bidding for the Italian bank Intesa Sanpaolo’s €1.1 billion portfolio through its Deva Capital platform.

The bank is in talks with the Canadian fund CPPIB and Cerberus to offload the assets worth 1.5 billion euros.

The acquisition of the Montepino portfolio, one of the most important deals of the year, was completed in May, as well as other important transactions in the hotel and build-to-rent sectors.

The assets include more than 1,290 properties in Castilla - La Mancha and more than 180 in the Valencian Community.