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Brussels Authorises Creation of Real Estate JV By Sabadell and Oaktree
11 June 2018 – Europa Press
On Friday, the European Commission approved the creation of a joint venture in the real estate sector by Bitarte, a company belonging to the Banco Sabadell group, and the US company Oaktree Capital Group Holdings.
The creation of this joint venture, which will be dedicated to the identification, acquisition, development and commercialisation of residential plots in Spain, does not represent a problem for the competition authorities due to its limited impact on the structure of the market, according to a statement issued by Brussels.
In this way, the operation has been approved by virtue of the European rules governing concentrations and has been examined under the framework of simplified control procedures, which is used by the EU executive in less complex competition cases.
Bitarte owns real estate assets under development, whilst Oaktree Capital Group is a global company specialising in management and specifically in loan and financing strategies.
Original story: Europa Press
Translation: Carmel Drake