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Blackstone Enters the Bidding for Solvia Desarrollos Inmobiliarios
26 March 2019 – Ok Diario
Banco Sabadell is on a mission to divest the land from its property development arm Solvia, worth more than €1 billion. The firm, Solvia Desarrollos Inmobiliarios (SDin), is sparking a great deal of interest in the market, not least from the US investment bank Blackstone.
That firm faces stiff competition from the property developers Aedas and Merlin Properties, as well as 10 other interested parties, who have been whittled down from an original list of almost 30 candidates.
Given the huge interest in Solvia Desarrollos, Sabadell has extended the original deadline by one month to the end of May, at which point it will choose the buyer.
Besides the firms already mentioned, funds such as Cerberus, De Shaw, Värde, Apollo and Oaktree are also reportedly participating in the bid.
Most of the land owned by Solvia Desarrollos Inmobiliarios is located in Madrid, Barcelona and several places along the Mediterranean Coast.
Original story: Ok Diario (by Borja Jiménez)
Translation/Summary: Carmel Drake