BBVA Sheds Realia´s Debt Ultimately Disbanding Syndicated Loan

10/07/2014 – Idealista

BBVA has sold its €80 million worth part of the debt of Realia, thereby bringing the sydicate loan granted to the real estate firm to inexistence. Barclays and Kutxa were the first to shed the credit, taking advantage of the capital increase in July 2013. Few months later, Sareb and Santander (which held a €500 million debt and €100 million respectively), Sabadell (€120 million) and later on also CaixaBank (€48 million) followed the suit.

Thus, Sareb, the “bad bank” of Spain, transferred its part to fund Fortress, Santander sold its loans to King Street Capital Management, CaixaBank to Goldman Sachs, while Sabadell announced the leave from the syndicated loan a month ago. None transaction amount has been revealed.

The lender disband took place in a crucial moment for Realia as its main stakeholders, FCC and Bankia, are selling jointly over 60% of the property manager.

Last year, the firm managed to prolong the payment deadline for 3 years more and reduced its indebtness to €792 million.


Original article: Idealista

Translation: AURA REE