• Transaction / Assets
    €602M RE portfolio
  • Seller
    Liberbank
  • Buyer
    Bain Capital Credit & Oceanwood
  • € MM

Bain Establishes Joint Venture To Manage Real Estate Asset Portfolio From Liberbank

24 October 2017 – Bain Capital Credit

Bain Capital Credit, LP announced today that it has entered into a binding agreement to establish a joint venture company, which will own and manage a portfolio of repossessed real estate assets from Liberbank. Bain Capital will control and manage the JV with an 80% stake; the two other shareholders are Liberbank and Oceanwood. Bain Capital Credit now owns and manages ten loan and real estate portfolios in Spain.

The portfolio has an appraisal value of more than €600 million and primarily comprises residential units, land and work-in-progress (WIP) assets across Spain. Bain Capital Credit will actively manage the portfolio, including developing some of the land and WIPs.

“We are excited to expand our position in the Spanish real estate market and to control the majority of this JV alongside Liberbank and Oceanwood,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business.

“We continue to consider Spain one of the most attractive real estate markets in Europe and this portfolio’s concentration in central and northern Spain provides a great degree of diversification for our portfolio,” said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business. “This is a great opportunity to participate in Spain’s recovery and to further expand our footprint in the Spanish residential development sector. Furthermore, this investment showcases our expertise in executing complex transactions that require close collaboration with the seller under compressed timelines,” added Mr Longo.

The support in executing this deal was provided by Altamira Asset Management, as real estate servicing specialists; Aura REE and Basico, as real estate valuation specialists; and Cuatrecasas, as legal counsel.

Original story: Bain Capital Credit

Edited by: Carmel Drake

 

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