Banco Sabadell has sold 100% of the bonds of a vehicle of securitization that included 953 properties valued at 88,9 million Euros to a consortium of international institutional investors, according to the information provided by the Catalan institution in an announcement.
This portfolio is made of second hand assets, 90% of which are homes and the remaining 10%, trade premises, parking spaces and storage rooms, with a higher concentration in Valencia and Madrid.
The institution has declared that this operation, carried out through the sale of bonds, has allowed the maximization of the value of the sale and has meant the “corresponding transfer of risk of this portfolio, which originated in the acquisition of the Banco CAM.
According to the managing director of Banco Sabadell, Miguel Montes, the closure of this sale is a sign of the “high interest” of international investors in this type of operations and constitutes a good base for future transactions.
The agreement will allow the group to maintain the management of the portfolio and the commercialization of the sold properties, through Solvia, the real estate company of the institution.