CatalunyaBanc Seeks New Purchaser for Real Estate Branch

6/02/2014 – Expansion

The Catalonian group has been pulled back by the transfer agreement with Kennedy Wilson and Värde Partners. The breach of the contract resulted in a half-year loss for the both parts, as the transaction could not be included in 2013 excercise. It also implied depreciation in the real estate´s value, for which the funds were initially ready to pay between 30 and 60 million Euros.

CatalunyaCaixa Inmobiliaria is again on sale, in the first place offered to other finalists of the bidding. Magic Real Estate is considered favorite in the second auction, that CatalunyaBanc wishes to close as soon as possible. (…).Other funds interested are: TPG, Carlyle, Cerberus and Wilbur L. Ross. (…).

Obstacles

The principal one is of laboral nature. Before the sale between 190 and 230 employees will lose their jobs, as in the meantime the companies acquired also the real estate branch of Popular, Aliseda, together with its 300 workers. (…).

As Wilbur L. Ross and Carlyle do not have a team in Spain, they see a chance in the express bidding. Unlike TPG that bought ServiHabitat  from CaixaBank and Cerberus acquired Bankia Habitat. Also, Apollo, Lone Star, Starwood, Centerbridge or Fortress shall not be dismissed as the future control over the real estate map of Spain is at stake.

 

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE

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