Apollo Bids For Catalunya Banc Offices

9/04/2014 – Expansion

The U.S. fund pursues at becoming the leader among funds investing in Spanish property. At the moment, it is exploring purchase of Catalunya Banc´s business located outside of Catalonian region. The asset lot includes 196 offices where 900 employees currently work.

(…) Earlier this year, Apollo acquired Evo Banco from NCG Banco for €60 million.

There is another interesting branch presently in the market, namely EBN Banco, an investment bank held by Unicaja, Ibercaja, BMN and Ceiss. (…).

Catalunya Banc sale is a part of greater divestment plan to be accomplished before comes the tender of the entity. In total, 715 offices in Catalonia, 4.600 workers and an 11% market share will seek new owner.

However, the most essential divestment, the sale of CatalunyaCaixa Inmobiliaria, is still in limbo. The real estate branch managing over €1.9 billion has been nearly acquired by Magic Real Estate, when Blackstone entered the stage and offered back-up.

For this reason, it seems that the sale of the offices will be completed much sooner. (…) Apollo intended €1 billion for investment in Spain and the purchase can allow it to triple the number of its team members in Spain (currently 80 offices and 590 employees of Evo Banco) (…).



Original article: Expansión (by D. Badía & J. Zuloaga)

Translation: AURA REE